Prepare Journal Entries for Each of the Following Unrelated Transactions

question 106

Essay

Prepare journal entries for each of the following unrelated transactions.You may omit explanations for the journal entries.

a.A firm issues 5,000 shares of $2 par value common stock in exchange for $20,000 cash.
b.A firm acquires a building with $30,000 cash and signs a 15-year note for $60,000.
c.A firm buys inventory for $980 cash.
d.A firm pays $8,000 to its landlord for annual rent.
e.A publisher sells $3,000 in magazine subscriptions that will be filled over the next 12 months.

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Definitions:

Self-disclose

The act of sharing personal information, thoughts, or feelings with others, which can be an important aspect of building trust and understanding in relationships.

Personal Fulfilment

A sense of satisfaction or achievement a person feels from their own accomplishments, aligning with their values, goals, and desires.

Life Expectancy

The average period that an individual is expected to live based on demographic factors and health conditions.

Outnumber

To be greater in number than another group or entity.