Asked by Sheryl Kambuni on May 08, 2024
Verified
The following journal entries with the amounts omitted were taken from the records of Lena Company:
Write a brief explanation for each of the above transactions.
Transactions
The financial events that affect the financial statements of a business, involving transfers or exchanges of value between two parties.
- Achieve proficiency in creating journal entries for a range of transactions.
Verified Answer
DA
Damon AdamsMay 13, 2024
Final Answer :
1.Stockholders invested cash into the corporation in exchange for stock that was issued for more than par value.
2.Supplies were purchased from a supplier on account.
3.Cash was used to pay an account payable.
4.Buildings were purchased using cash and by signing a mortgage note payable for the balance.
5.The board of directors declared a cash dividend.
6.Cash was borrowed in exchange for signing a note payable.
2.Supplies were purchased from a supplier on account.
3.Cash was used to pay an account payable.
4.Buildings were purchased using cash and by signing a mortgage note payable for the balance.
5.The board of directors declared a cash dividend.
6.Cash was borrowed in exchange for signing a note payable.
Learning Objectives
- Achieve proficiency in creating journal entries for a range of transactions.
Related questions
The ABC Corporation Was Formed on January 1,2019 ...
Record the Following Selected Transactions for January in a Two-Column ...
Prepare in Proper Form Journal Entries for the Following Transactions ...
Journalize, in Proper Form, the Following Transactions That Occurred During ...
Shown Below Is a Page from a Special Journal ...