Kelsey Baker founded GolfDeals.com at the beginning of Febru…

Written by Anonymous on February 6, 2026 in Uncategorized with no comments.

Questions

Kelsey Bаker fоunded GоlfDeаls.cоm аt the beginning of February of the current year. GolfDeals.com sells new and used golf equipment online. The following events occurred in February of the current year: Borrowed $47,000 cash from a bank, signing a note due in three years. Received investment of cash by organizers and distributed to them 300 shares of $0.10 par value common stock with a market price of $25 per share. Leased a warehouse for $149,000, paying $40,000 in cash and signing a 10-year operating lease for the balance. Purchased computer and office equipment for $37,000, paying $7,000 in cash and signing a note payable to the manufacturer for the rest. Loaned $2,000 to an employee who signed a note due in three months. Paid $5,500 to the manufacturers in (d) above. Purchased short-term investments for $14,000 cash. Kelsey has the following accounts in their general ledger that you can use for your entries: Additional paid-in capital, Cash, Common stock, Operating lease liabilities, Notes payable, Notes receivable, Operating lease assets, Short-term investments. Required: Prepare journal entries for the above transactions.  Do not use $ or commas in your answer. If no entry is required for a transaction or event, indicate "No journal entry required" in the first account field.​     Account Title Debit Credit 1.       2.           3.           4.           5.       6.       7.      

Comments are closed.