The following events occurred for Johnson Company:
a. Received investment of cash by or...
The following events occurred for Johnson Company:
a. Received investment of cash by organizers and distributed to them 1,150 shares of $1 par value common stock with a market price of $20 per share.
b. Purchased $7,100 of equipment, paying $2,000 in cash and owing the rest on accounts payable to the manufacturer.
c. Borrowed $15,000 cash from a bank.
d. Loaned $1,100 to an employee who signed a note.
e. Purchased $19,209 of land; paid $10,000 in cash and signed a note for the balance.
Required: For each of the events (a) through (e), perform transaction analysis and indicate the account, amount, and direction of the effect (+ for increase and − for decrease) on the accounting equation. Check that the accounting equation remains in balance after each transaction. (If no impact on accounting equation leave cells blank.)
Answers: 1
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