Journal Entries for each transaction
During July 2009, Krogue, Inc., completed the following transactions.
Entry for each transaction.
July 2 Received $320,000 for 80,000 shares of capital stock.
4 Purchased $90,000 of equipment, with 75% down and 25% on a
note payable.
13 Purchased $250,000 of inventory, paying 40% down and 60% on credit.
20 Collected $7,500 from accounts receivable.
27 Paid property taxes of $1,200.
30 Paid $150,000 of accounts payable for inventory purchased on July 13