ACC 2110 Exam #1-Hard Copy Due in Class on Tuesday S Problem us-Prepare the jour

Question

ACC 2110 Exam #1-Hard Copy Due in Class on Tuesday S Problem us-Prepare the journal entries for the following transactions (Make s th (a)Chipotle issued 5,000 additional market value of $12.00 per share, receiving $60,000 in cash from investors. shares of common stock with a par value of $0.50 per share at a Cash0,000 0 6 Chipotle borrowed $20,000 from its local bank, signing a note to be paid in three years Cash 20,00 (c) Chipotle purchased $20,000 in additional land, $15,000 in new buildings, and $10,000 in new equipment; paid $30,000 in cash and signed a note payable for the remainder owed. land20,000 510,000 $ 30.000 (d) Collected $15,000 of accounts receivable. Cosh 1S,000 euccount receivable 1s,000 (e) Paid $12,000 of accounts payable

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Debit Credit a) Cash Dr                 60,000.00 To Common Stock                 2,500.00 To Paid in capital               57,500.00 b) Cash Dr                 20,000.00 To Note Payable               20,000.00 c) Land DR                 20,000.00 Building Dr                 15,000.00 Equipment Dr                 10,000.00 To Cash               30,000.00 To Note Payable               15,000.00 d) Cash Dr                 15,000.00 To Account receivable               15,000.00 e) Accounts Payable Dr                 12,000.00 To cash               12,000.00

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