Solved by verified expert :Journal
Entries
Dr.
Cr.
Cash
$500,000
Common Stock
$ 500,000
Principle Payments
$ 60,000
Principle Payments Payable
$ 60,000
Interest
$ 18,000
Interest Payable
$ 18,000
Land
$ 525,000
Cash
$ 525,000
Drilling
$ 1,000
Cash
$ 1,000
Bldg and equipment
$ 240,000
Cash
$ 240,000
Inventory
$ 6,300
Accounts Payable
$ 6,300
Inventory
$500
Accounts Payable
$500
Accounts Receivable
$5,000
Cash
$5,000
Accounts Receivable
$10,000
Sales Revenue
$10,000
Wages
$1,500
Wages Payable
$1,500
Delivery Service
$900
Services Payable
$900
Principle Loan
$300,000
Loan payable
$300,000
