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Business, 16.02.2022 03:00 Emorej22

The following events occurred for Johnson Company: a. Received investment of cash by organizers and distributed to them 1,130 shares of $1 par value common stock with a market price of $25 per share.
b. Purchased $8,500 of equipment, paying $1,200 in cash and owing the rest on accounts payable to the manufacturer.
c. Borrowed $9,000 cash from a bank. Loaned $700 to an employee who signed a note.
d. Purchased $20,000 of land; paid $8,000 in cash and signed a note for the balance.

Required:
Prepare journal entries for the above transactions.

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