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J.K. Builders was incorporated on July 1 a Recelved $78,000 cash invested by ow b. Bo ught an unused field from a local farmer by paying $68,000 cash. As a construction site for smaller projects, it is estimated to be worth $73,000 to J.K. Builders. c A lumber supplier delivered lumber supplies to J.K. Builders for future useThe lumber supplies would have normally the suppler gave JK. Buiders a 10 percent discount.J.K. Buliders has not yet received the $16,200 bill from the supplier. d. Borrowed $33,000 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 $18,000 worth of his common stock to another shareholder for $19,000 Prepare journal entries for the above transactions from the first month of business. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 3 4 5 Received $78,000 cash invested by owners and issued common stock. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 2 4 Bought an unused field from a local farmer by paying $68,000 cash. As a construction site for smaller projects, it is estimated to be worth $73,000 to J.K. Builders. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Borrowed $33,000 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. Record the transaction. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksht 2 4 One of the owners sold $18,000 worth of his common stock to another shareholder for $19,000. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

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