The ABC Corporation Was Formed on January 1,2010

question 33

Not Answered

The ABC Corporation was formed on January 1,2010.The three initial owners invested $100,000 cash and received shares of stock.Below are selected transactions that were completed during January,2010.
1.Sold stock to the owners.
2.Borrowed $80,000 on a one-year note payable.
3.Purchased land by signing a $70,000 note payable.
4.Paid $10,000 of accounts payable.
5.Purchased two service vehicles for cash at a cost of $24,000 each.
6.Purchased $2,000 of supplies on credit.
Prepare the journal entry on ABC's books for each transaction.

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Definitions:

Hemoglobin

Red, respiratory protein of red blood cells; consists of 6% heme and 94% globin; transports oxygen and carbon dioxide.

Iron

A mineral essential for human life, involved in creating hemoglobin which carries oxygen in the blood to all parts of the body.

Vitamin Mismatch

Vitamin mismatch is not a recognized term in medical or nutritional science, hence it's considered as NO.

Rhodopsin Synthesis

The biochemical process by which rhodopsin, a light-sensitive pigment found in the photoreceptor cells of the retina, is produced.