Don't give answer in image format Journal EntriesThe following transactions are for Pickard Construction Company:a. The firm bought equipment for $64,000 on credit.b.The firm purchased land for $450,000, $160,000 of which was paid in cash and a note payablesigned for the balance.The firm paid $41,000 it owed to its suppliers.The firm arranged for a $225,000 line of credit (the right to borrow funds as needed) from thebank. No funds have yet been borrowed.The firm sold some of its products for $34,000-$18,000 for cash, the remainder on account.Cost of sales in (e) are $22,000.The firm borrowed $84,000 on its line of credit.The firm paid a $10,000 cash dividend to its stockholders.An investor invested an additional $60,000 in the company in exchange for additional capital stock.One of the primary investors borrowed $90,000 from a bank. The loan is a personal loan.The firm repaid $16,000 of its line of credit.The firm received a $1,000 deposit from a customer for a product to be sold and delivered tothat customer next month.Agalyze and record the transactions as journal entries. (Omit explanations.)c.d.c.f.g.h.i.Jk.1.

Journal entry means the book of original entry where the first time transaction is recorded. After…

Journal Entries The following transactions are for Pickard Construction Company: a. The firm bought equipment for $64,000 on credit. b. The firm purchased land for $450,000, $160,000 of which was paid in cash and a note payable signed for the balance. c. The firm paid $41,000 it owed to its suppliers. d. The firm arranged for a $225,000 line of credit (the right to borrow funds as needed) from the bank. No funds have yet been borrowed. e. The firm sold some of its products for $34,000-$18,000 for cash, the remainder on account. Cost of sales in (e) are $22,000. f. g. The firm borrowed $84,000 on its line of credit. h. The firm paid a $10,000 cash dividend to its stockholders. i. An investor invested an additional $60,000 in the company in exchange for additional capital stock. One of the primary investors borrowed $90,000 from a bank. The loan is a personal loan. k. The firm repaid $16,000 of its line of credit. j. . The firm received a $1,000 deposit from a customer for a product to be sold and delivered to that customer next month. palyze and record the transactions as journal entries. (Omit explanations)

Journal Entries The following transactions are for Pickard Construction Company: a. The firm bought equipment for $64,000 on credit. b. The firm purchased land for $450,000, $160,000 of which was paid in cash and a note payable signed for the balance. c. The firm paid $41,000 it owed to its suppliers. d. The firm arranged for a $225,000 line of credit (the right to borrow funds as needed) from the bank. No funds have yet been borrowed. e. The firm sold some of its products for $34,000-$18,000 for cash, the remainder on account. Cost of sales in (e) are $22,000. f. g. The firm borrowed $84,000 on its line of credit. h. The firm paid a $10,000 cash dividend to its stockholders. i. An investor invested an additional $60,000 in the company in exchange for additional capital stock. One of the primary investors borrowed $90,000 from a bank. The loan is a personal loan. k. The firm repaid $16,000 of its line of credit. j. . The firm received a $1,000 deposit from a customer for a product to be sold and delivered to that customer next month. palyze and record the transactions as journal entries. (Omit explanations)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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