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placed an order for office supplies costing $2,000. supplier intends to deliver later in the month. purchased equipment that cost $30,000; paid $10,000 cash and signed a promissory note to pay $20,000 in one month. negotiated and signed a one-year bank loan, and then deposited $5,000 cash in the company’s checking account. hired a new finance manager on the last day of the month. received an investment of $10,000 cash from the company’s owners in exchange for issuing common shares. supplies [ordered in (a)] were received, along with a bill for $2,000.

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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