11000 cash from a bank Journal entry worksheet Solution Jour

$11,000 cash from a bank Journal entry worksheet

Solution

Journal Entries Date Account Title and explanation Debit Credit Cash $                  25,750 1      To Share Capital - Common (1030 Shares X $ 1 per shares) $                 1,030.00       To Additional Paid in Capital - Excess of Par (1030 Shares X $ 24) $               24,720.00 (To Record the investment for Cash) 2 Equipment $                     8,000       To Cash $                       1,800      To Account Payable $                       6,200 (To Record the purchase of Equipment for cash and act. Payable) 3 Cash $                  11,000       To Loan from Bank $                     11,000 (to Record the loan taken from bank) Note Receivable $                     1,000 4         To Cash $                       1,000 (To Record the loan given to employee against Note) 5 Land $                  23,000       To Cash $                       5,000        To Mortgage Note $                     18,000 (To Record the purchase of Land)