The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,180 shares of $1 par value common stock with a market price of $15 per share.
b. Purchased $8,200 of equipment, paying $1,500 in cash and owing the rest on accounts payable to the manufacturer.
c. Borrowed $14,000 cash from a bank. Loaned $800 to an employee who signed a note.
d. Purchased $20,343 of land; paid $9,000 in cash and signed a note for the balance.

Required:
For each of the events (a) through (d), perform transaction analysis and indicate the account, amount, and direction of the effect (increase or decrease) on the accounting equation.

a. Received investment of cash by organizers and distributed to them 1,180 shares of $1 par value common stock with a market price of $15 per share.

Account                                 Debit      Credit

Cash                                      $17,700

Common Stock                                     $1,180

Additional Paid-In Capital                    $16,520

Assets increase, and stockholder's equity increase by the same amount: $17,700.

b. Purchased $8,200 of equipment, paying $1,500 in cash and owing the rest on accounts payable to the manufacturer.

Account                                 Debit      Credit

Equipment                             $8,200

Cash                                                       $1,500

Accounts Payable                                  $6,700

Assets increase by a net $6,700 (Equipment - Cash), and Accounts Payable by $6,700 as well.

c. Borrowed $14,000 cash from a bank. Loaned $800 to an employee who signed a note.

Account                                 Debit      Credit

Cash                                     $14,000

Notes Payable                                      $14,000

Notes Receivable                  $800

Cash                                                      $800

Assets increase by a net $14,000 (Cash + Notes Receivable - Cash), and liabilities increase by $14,000

d. Purchased $20,343 of land; paid $9,000 in cash and signed a note for the balance.

Account                                 Debit      Credit

Land                                     $20,343

Cash                                                     $9,000

Notes Payable                                     $11,343

Assets increase by a net $11,343 (Land - Cash), and liabilities increase by the same amount.

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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