Complete the journal entry worksheet Required i [The following information appli

Question

Complete the journal entry worksheet Required i [The following information applies to the questions displayed below c Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1 Accounts Payable Buildings $ 6,708 268,800 10,150 404,800 34,750 112,800 22,750 Common Stock Equipment Notes Payable (long-term) Retained Earnings Supplies 8,550 During the month of July, the company had the following activities a Issued 3,400 shares of common stock for $340,000 cash b Borrowed $34.250 cash from a local bank, payable in two years c. Bought a building for $211.000, paid $55.000 in cesh and signed a three year note for the balance d Paid cash for equipment that cost $127000 e. Purchased supplies for $18.500 on account entry is required for a transection/event e transaction effects determined ih pan t using curnsl ertres (f no e Journal Entry Required in the first account field)

Explanation / Answer

Answer:

Transaction

General Journal

Debit

Credit

a

Cash

$340,000

Common Stock

$340,000

(to record the issue of common stock)

b

Cash

$34,250

Note Payable (long-term)

$34,250

(to record the amount borrowed from bank)

c

Building

$211,000

Cash

$55,000

Note Payable (long-term)

$156,000

(to record the purchase of building)

d

Equipment

$127,000

Cash

$127,000

(to record purchase of equipment)

e

Supplies

$18,500

Accounts Payable

$18,500

(to record purchase of Supplies)

Transaction

General Journal

Debit

Credit

a

Cash

$340,000

Common Stock

$340,000

(to record the issue of common stock)

b

Cash

$34,250

Note Payable (long-term)

$34,250

(to record the amount borrowed from bank)

c

Building

$211,000

Cash

$55,000

Note Payable (long-term)

$156,000

(to record the purchase of building)

d

Equipment

$127,000

Cash

$127,000

(to record purchase of equipment)

e

Supplies

$18,500

Accounts Payable

$18,500

(to record purchase of Supplies)

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