Question:
The following events occurred for Johnson Company:

Received investment of cash by organizers and distributed to them 1,000 shares of $1 par value common stock with a market price of $40 per share
Purchased $15,000 of equipment, paying $3,000 in cash and owing the rest on accounts payable to the manufacturer
Borrowed $10,000 cash from a bank
Loaned $800 to an employee who signed a note.
Purchased $13,000 of land paid $4,000 in cash and signed a mortgage note for the balance

Required:
Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, write 'No entry required.')

Received investment of cash by organizers and distributed to them 1,000 shares of $1 par value common stock with a market price of $40 per share

                                      Dr.            Cr.

Cash                            $40,000

Common stock @ 1                      $1,000

Add-In capital Common Stock   $39,000

Purchased $15,000 of equipment, paying $3,000 in cash and owing the rest on accounts payable to the manufacturer

                                      Dr.            Cr.

Equipment                 $15,000

Cash                                           $3,000

Account Payable                       $12,000

Borrowed $10,000 cash from a bank

                                      Dr.            Cr.

Cash                            $10,000

Bank Loan                                 $10,000

Loaned $800 to an employee who signed a note.

                                      Dr.            Cr.

Note Receivable      $800

Cash                                             $800

Purchased $13,000 of land paid $4,000 in cash and signed a mortgage note for the balance

                                      Dr.            Cr.

Land                            $13,000

Cash                                            $4,000

Mortgage Note Payable            $9,000

answer; monopolistic competition;