Scott, Kim and Koko organized the SKK Corporation on January 1 20X1. Each of these owners invested $30,000 cash and received shares. Below are selected transactions that were completed during January. (A) Give the entry on SKK's books for each transaction:

(1) Sold shares to the owners.
(2) Borrowed $100,000 on one-year note payable .
(3) Purchased land by signing a $20,000 note payable .
(4) Paid $5,000 of trade payables.
(5) Purchased two service vehicles, $21, 000 each; paid cash.
(6) Accepted a promissory note of $1,000 from a customer.

(B) Complete the following based only on the 6 transactions above:

Assets $
Liabilities $
Shareholders ' equity $

Question

Scott, Kim and Koko organized the SKK Corporation on January 1 20X1. Each of these owners invested $30,000 cash and received shares. Below are selected transactions that were completed during January. (A) Give the entry on SKK's books for each transaction:
 
(1) Sold shares to the owners.
(2) Borrowed $100,000 on one-year note payable  .
(3) Purchased land by signing a $20,000 note payable  .
(4) Paid $5,000 of trade payables.  
(5) Purchased two service vehicles, $21,  000 each; paid cash.
(6) Accepted a promissory note of $1,000 from a customer.  
 
(B) Complete the following based only on the 6 transactions above:
 
Assets $
Liabilities $ 
Shareholders  ' equity $

Quizplus · Accepted Answer

The Answer of Scott, Kim and Koko organized the SKK Corporation on January 1 20X1. Each of these owners invested $30,000 cash and received shares. Below are selected transactions that were completed during January. (A) Give the entry on SKK's books for each transaction:
 
(1) Sold shares to the owners.
(2) Borrowed $100,000 on one-year note payable  .
(3) Purchased land by signing a $20,000 note payable  .
(4) Paid $5,000 of trade payables.  
(5) Purchased two service vehicles, $21,  000 each; paid cash.
(6) Accepted a promissory note of $1,000 from a customer.  
 
(B) Complete the following based only on the 6 transactions above:
 
Assets $
Liabilities $ 
Shareholders  ' equity $

Scott, Kim and Koko Organized the SKK Corporation on January