(2 points each) For each of the following events which occur…
(2 points each) For each of the following events which occurred during the year 202X, write the journal entry (if any) associated with the event from the point of view of the corporation Omphaloskepsis in the year 202X. If no journal entry is necessary, write, “No Journal Entry”. Borrows $10,000 cash from a bank, signing a note due in three years. Purchases $10,000 of supplies from a supplier on credit. Purchases land that had an appraised value of $10,000 for $9,000 in cash. Collects $10,000 in cash from a customer arising from a prior sale on credit. Declares a cash dividend of $10,000 to be paid in the future. Pays the previously declared cash dividend of $10,000 in (e). Sells 500 shares of common stock with a par value of $1 per share at a market price of $10 per share. Pays $10,000 in advance for a 2 year office lease beginning next year. Orders 10 new computers for $1,000 each for future delivery. No payment has been made. Purchases $10,000 of equipment, pays $2,000 in cash and signs a short-term note payable for the rest. Repays $10,000 of a short-term notes payable
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