J.K. Builders was incorporated on July 1, 2010. a. Received $37,500 cash invested by owners and issued stock. b. Bought an unused field from a local farmer by paying $43,000 cash. As a construction site for smaller projects, it is estimated to be worth $48,000 to J.K. Builders. c. A lumber supplier delivered lumber to J.K. Builders for future use. The lumber would have normally sold for $11,200, but the supplier gave J.K. Builders a 11 percent discount. J.K. Builders has not yet received a bill from the supplier. d. Borrowed $22,000 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. e. One of the owners sold $12,000 worth of his stock to another shareholder for $13,000. Required: Prepare journal entries for the above transactions from the first month of business. (In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Event General Journal Debit Credit a. Cash Contributed capital b. Land Cash c. Lumber Accounts payable d. Cash Note payable e. No journal entry required No journal entry required

J.K. Builders was incorporated on July 1, 2010.  

a.	Received $37,500 cash invested by owners and issued stock.
b.	Bought an unused field from a local farmer by paying $43,000 cash. As a construction site for smaller projects, it is estimated to be worth $48,000 to J.K. Builders.
c.	A lumber supplier delivered lumber to J.K. Builders for future use. The lumber would have normally sold for $11,200, but the supplier gave J.K. Builders a 11 percent discount. J.K. Builders has not yet received a bill from the supplier.
d.	Borrowed $22,000 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.
e.	One of the owners sold $12,000 worth of his stock to another shareholder for $13,000.

 

Required:

Prepare journal entries for the above transactions from the first month of business. (In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

Event	General Journal	Debit	Credit
a.	Cash
	Contributed capital
b.	Land
	Cash
c.	Lumber
	Accounts payable
d.	Cash
	Note payable
e.	No journal entry required
	No journal entry required