Scott,Kim and Koko organized the SKK Corporation on January 1,20A.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 $

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The Answer of Scott,Kim and Koko organized the SKK Corporation on January 1,20A.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 1,20A