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Jameson Corporation was organized on May 1. The following events occurred during the first month.
a. Received $70,000 cash from the five investors who organized Jameson Corporation. Each investor received 100 shares of $10 par value common stock.
b. Ordered store fixtures costing $15,000.
c. Borrowed $18,000 cash and signed a note due in two years.
d. Purchased $11,000 of equipment, paying $1,500 in cash and signing a six-month note for the balance.
e. Lent $2,000 to an employee who signed a note to repay the loan in three months.
f. Received and paid for the store fixtures ordered in (b).
Prepare journal entries for each transaction.
Record the receipt of $70,000 cash from five investors who each received 100 shares of $10 par value common stock.
Record the $15,000 order of store fixtures.
Record the receipt of the $18,000 cash borrowed on a two-year note.
Record the 11,000 purchase of equipment paid for with the $1,500 in cash and a 6 month note for the balance
Record $2,000 loan to an employee who signed a note due in three months.
Record the receipt of the store fixture and $15,000 payment
