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Answer:
The journal entries are as follows:
(i) Cash A/c Dr. $40,000
To common stock $1,000
To Additional paid in capital in excess of par $39,000
(To record received investment of cash)
(ii) Equipment A/c Dr. $15,000
To cash $3,000
To accounts payable $12,000
(To record purchased equipment)
(iii) Cash A/c Dr. $10,000
To loans payable $10,000
(To record borrowing from bank)
(iv) Notes receivable A/c Dr. $800
To cash
(To received cash of lending amount)
(v) Land A/c Dr. $13,000
To cash $4,000
To Mortgage payable $9,000
(To record purchase of land on cash and mortgage note)
The preparation of journal entries for Johnson Company involve the following entries.
Journal Entries:
1. Debit Cash $40,000
Credit Common Stock $1,000
Credit Additional Paid-in Capital $39,000
- To record the receipt of cash in exchange for common stock at $1 par value.
2. Debit Equipment $15,000
Credit Cash $3,000
Credit Accounts Payable $12,000
- To record the purchase of equipment for cash and on credit.
3. Debit Cash $10,000
Credit Bank Payable $10,000
To record the receipt of cash borrowed from a bank.
4. Debit Note Receivable $800
Credit Cash $800
- To record loan advanced to an employee by a note.
5. Debit Land $13,000
Credit Cash $4,000
Credit Mortgage Note Payable $9,000
- To record the purchase of land for cash and on credit.
Data and Analysis:
1. Cash $40,000 Common Stock $1,000 Additional Paid-in Capital $39,000
2. Equipment $15,000 Cash $3,000 Accounts Payable $12,000
3. Cash $10,000 Bank Payable $10,000
4. Note Receivable $800 Cash $800
5. Land $13,000 Cash $4,000 Mortgage Note Payable $9,000
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