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Sagot :
a. placed an order for office supplies costing $2,000
No journal entry
b. purchased equipment that cost $30,000; paid $10,000 cash and signed a promissory note to pay $20,000 in one month.
Equipment Dr. $30000
Cash $10000
Note payable $20000
c. negotiated and signed a one-year bank loan, and then deposited $5,000 cash in the company’s checking account.
Cash Dr. $5000
Note payable $5000
d. hired a new finance manager on the last day of the month
No journal entry
e. received an investment of $10,000 cash from the company’s owners in exchange for issuing common shares.
Cash Dr. $10000
Contributed capital $10000
f. supplies [ordered in (a)] were received, along with a bill for $2,000.
Supplies Dr. $2000
Accounts payable $2000
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