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Question - The following events occurred for Johnson Company.
a. Received investment of cash by organizers and distributed to them 1,190 shares of $1 par value common stock with a market price of $5 per share.
b. Purchased $8,800 of equipment, paying $1,400 in cash and owing the rest on accounts payable to the manufacturer.
c. Borrowed $8,000 cash from a bank.
d. Loaned $1,100 to an employee who signed a note.
e. Purchased $23,000 of land; paid $9,000 in cash and signed a note for the balance.
Required - Prepare journal entries for the above transactions.
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