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    Accounting: Preparing the general ledger.

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    Journal Entries for each transaction
    During July 2009, Krogue, Inc., completed the following transactions.
    entry for each transaction.
    July 2 Received $320,000 for 80,000 shares of capital stock.
    4 Purchased $90,000 of equipment, with 75% down and 25% on a
    note payable.
    13 Purchased $250,000 of inventory, paying 40% down and 60% on credit.
    20 Collected $7,500 from accounts receivable.
    27 Paid property taxes of $1,200.
    30 Paid $150,000 of accounts payable for inventory purchased on July 13

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    Solution Summary

    The problem deals with journalizing transactions.

    $2.19

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