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Business, 17.02.2020 22:19 andybiersack154
Kelsey Baker founded GolfDeals. com at the beginning of February. GolfDeals. com sells new and used golf equipment online. The following events occurred in February.
Borrowed $40,000 cash from a bank, signing a note due in three years.
Received investment of cash by organizers and distributed to them 900 shares of $0.10 par value common stock with a market price of $40 per share.
Purchased a warehouse for $135,000, paying $33,000 in cash and signing a note payable for the balance on a 10-year mortgage.
Purchased computer and office equipment for $30,000, paying $3,500 in cash and owing the rest on accounts payable to the manufacturers.
Loaned $1,000 to an employee who signed a note due in three months.
Paid $2,000 to the manufacturers in (d) above.
Purchased short-term investments for $20,000 cash.
Required:
Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Kelsey Baker founded GolfDeals. com at the beginning of February. GolfDeals. com sells new and used...
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