Journalizing Transactions Prepare in good form the journal entry to record each of the following… 1 answer below »

Journalizing Transactions Prepare in good form the journal entry to record each of the following… 1 answer below »

Journalizing Transactions

Prepare in good form the journal entry to record each of the following transactions on the books

of ABC.

January 10, 2007: ABC is incorporated by issuing $50,000 of common stock to each of the three

owners.

January 12, 2007: ABC borrows $100,000 at the local bank.

January 15, 2007: ABC pays $200,000 cash to buy 10 acres of land.

 

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