Business, 22.09.2020 16:01 cristal2000amber

J. K. Builders was incorporated on July 1. Received $72,000 cash invested by owners and issued common stock. Bought an unused field from a local farmer by paying $62,000 cash. As a construction site for smaller projects, it is estimated to be worth $67,000 to J. K. Builders. A lumber supplier delivered lumber supplies to J. K. Builders for future use. The lumber supplies would have normally sold for $12,000, but the supplier gave J. K. Builders a 12 percent discount. J. K. Builders has not yet received the $10,560 bill from the supplier. Borrowed $27,000 from the bank with a plan to use the funds to build a small workshop in August. The loan must be repaid in two years. One of the owners sold $12,000 worth of his common stock to another shareholder for $13,000. Prepare journal entries for the above transactions from the first month of business.

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J. K. Builders was incorporated on July 1. Received $72,000 cash invested by owners and issued commo...