Answered Essay: Kelsey Baker founded GolfDeals.com at the beginning of February. GolfDeals.com sells new and used golf equipment o

Kelsey Baker founded GolfDeals.com at the beginning of February. GolfDeals.com sells new and used golf equipment online. The following events occurred in February.

(a) Borrowed $46,000 cash from a bank, signing a note due in three years.

(b) Received investment of cash by organizers and distributed to them 900 shares of $0.10 par value common stock with a market price of $20 per share.

(c) Purchased a warehouse for $147,000, paying $39,000 in cash and signing a note payable for the balance on a 10-year mortgage.

(d)Purchased computer and office equipment for $36,000, paying $6,500 in cash and owing the rest on accounts payable to the manufacturers.

(e)Loaned $1,500 to an employee who signed a note due in three months.

(f) Paid $5,000 to the manufacturers in (d) above.

(g) Purchased short-term investments for $13,000 cash.

Required:

Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)

Expert Answer

 

Journal Entry
Date Particulars Dr. Amt. Cr. Amt.
a. Cash                                                       Dr.          46,000
   To Notes Payable          46,000
b. Cash                                                       Dr.          18,000
   To Common Stock                  90 900 Shares X $0.10
   To Additional Paid in Capital          17,910 900 Shares X $19.90
c. Warehouse                                         Dr.       147,000
   To Cash          39,000
   To Mortgage Payable       108,000
d. Computer & Office Equipment   Dr.          36,000
   To Cash            6,500
   To Accounts Payable          29,500
e. Notes Receivable                             Dr.            1,500
   To Cash            1,500
f. Accounts Payable                             Dr.            5,000
   To Cash            5,000
g. Short Term Investments                Dr.          13,000
   To Cash          13,000
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