Prepare journal entries for each of the following unrelated transactions.You may omit explanations for the journal entries.

a.A firm issues 5,000 shares of $2 par value common stock in exchange for $20,000 cash.
b.A firm acquires a building with $30,000 cash and signs a 15-year note for $60,000.
c.A firm buys inventory for $980 cash.
d.A firm pays $8,000 to its landlord for annual rent.
e.A publisher sells $3,000 in magazine subscriptions that will be filled over the next 12 months.

Question

Prepare journal entries for each of the following unrelated transactions.You may omit explanations for the journal entries.

a.A firm issues 5,000 shares of $2 par value common stock in exchange for $20,000 cash.
b.A firm acquires a building with $30,000 cash and signs a 15-year note for $60,000.
c.A firm buys  inventory for $980 cash. 
d.A firm pays $8,000 to its landlord for annual rent.
e.A publisher sells $3,000 in magazine subscriptions that will be filled over the next 12 months.

Quizplus · Accepted Answer

The Answer of Prepare journal entries for each of the following unrelated transactions.You may omit explanations for the journal entries.

a.A firm issues 5,000 shares of $2 par value common stock in exchange for $20,000 cash.
b.A firm acquires a building with $30,000 cash and signs a 15-year note for $60,000.
c.A firm buys  inventory for $980 cash. 
d.A firm pays $8,000 to its landlord for annual rent.
e.A publisher sells $3,000 in magazine subscriptions that will be filled over the next 12 months.

Prepare Journal Entries for Each of the Following Unrelated Transactions