Reference no: EM132792077

Question - Make journal entry for transactions.

a. Firm collected a note receivable of $8,000 on January 2.

b. Paid a note payable of $16,000 on January 2.

c. Acquired merchandise inventory costing $30,000 on Jan 21 with payment of $16,000 in cash and the remainder on credit.

d. Issued an additional 400 shares of common stock for $125 per share on Jan 28. The par value of the stock is $100.

e. on Jan 11, 2009, the firm pays 40,000 euro cash to rent office space, furnishings, and a warehouse for 12 months starting 1 Feb 2009.

f. on Feb 20 the firm receives 22,000 euro from a customer for future merchandise shipments.

g. Mar 12 the firm sells merchandise at a selling price of 70,000 euros the merchandise sold had cost Dugan 40,000 euro. The customer agreed to pay Dugan in the second quarter.