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a. Acquired additional equipment at a cost of $22,000. They issued a promissory not

a. Acquired additional equipment at a cost of $22,000. They issued a promissory not

a. Acquired additional equipment at a cost of $22,000. They issued a promissory note that becomes payable in five years. b. Collected $48,000 from a customer
related to a previous sale. c. Paid $125,000 to retire a short-term note payable at maturity. d. Issued additional shares of company stock, receiving cash of
$60,000 and a building valued at $15,000. e. Purchased additional inventory of $18,000 on account. f. Sold 2 acres of land that was no longer needed receiving
$10,000 cash and “other current assets” valued at $17,000. This total was the original cost of the Land. g. Returned $5,000 of the inventory bought in entry (e).
h. Completed negotiations to purchase additional land in 2012. The purchase price is expected to be $28,000. INSTRUCTIONS: A. Prepare journal entries for each
transaction (list letter, then the accounts and amounts debited and credited- in good form) (hint: You should use account titles from above) For example,

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