135 journalize and post basic transactions geller landscaping was organized on april 4298264
135. Journalize and post basic transactions
Geller Landscaping was organized on April 5 when the corporation issued 20,000 shares of capital stock to Larry Geller in exchange for $60,000 cash.
* On April 8, the business acquired gardening equipment by paying cash of $26,000 and signing a $20,000 note payable, due in four monthly installments of $5,000 each, beginning on April 15.
* On April 15, Larry Geller made the first payment on the note payable by writing a check from the business bank account.
Instructions: Journalize these three transactions and post to the ledger accounts.
136. Effects of a series of transactions on balance sheet items
Fieldstone, Inc. had the following transactions during the month of March, the first month of operations for the business:
* The corporation issued 12,000 shares of capital stock to Sandy Fieldstone in exchange for $120,000 cash.
* Purchased $73,000 of equipment; made a $18,000 down payment and signed a note payable for the balance.
* Made payment of $9,000 on the amount owed for equipment.
(A.) Compute the balance in the Cash account at the end of March.
(B.) What are the total assets of Fieldstone, Inc. at the end of March?
(C.) Compute the balance in the Notes Payable account at the end of March.
(D.) What is the total amount of owners' equity at the end of March?