Journalize the following events/transactions that Lobnitz entered into during the month.
Received $150,000 from issuing 10,000 shares of $1 par value Lobnitz common stock. (When recording this entry, credit TWO distinct ownersâ equity accounts.)
Borrowed $100,000.
Purchased $30,000 of office furniture (property, plant, and equipment) on a credit basis.
Performed $300,000 of services for customers on a credit basis.
Incurred, but did not yet pay, $25,000 of wages expense for the month.
Collected $175,000 of accounts receivable.
Collected $36,000 from customers for work to be performed during the following month.
Recorded $5,000 of depreciation expense.
Journalize the following events/transactions that Lobnitz entered into during the month.
Received $150,000 from issuing 10,000 shares of $1 par value Lobnitz common stock. (When recording this entry, credit TWO distinct ownersâ equity accounts.)
Borrowed $100,000.
Purchased $30,000 of office furniture (property, plant, and equipment) on a credit basis.
Performed $300,000 of services for customers on a credit basis.
Incurred, but did not yet pay, $25,000 of wages expense for the month.
Collected $175,000 of accounts receivable.
Collected $36,000 from customers for work to be performed during the following month.
Recorded $5,000 of depreciation expense.
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