Journalize the following events/transactions that Lobnitz entered into during the month. Received $4,000,000 from...
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Accounting
Journalize the following events/transactions that Lobnitz entered into during the month.
Received $4,000,000 from issuing 3,000,000 shares of $1 par value Lobnitz common stock. (When recording this entry, credit TWO distinct owners equity accounts.)
Borrowed $2,500,000.
Purchased for $800,000 cash an office building (property, plant, and equipment).
Purchased $250,000 of office furniture (property, plant, and equipment) on a credit basis.
Signed a rental agreement for office equipment for 6 months; the monthly rental rate was $2,000 per month. Lobnitz was required to pay for all 6 months at the time it signed the rental agreement.
Performed $500,000 of services for customers on a credit basis.
Incurred and paid $100,000 of wages expense.
Incurred, but did not yet pay, $12.000 of utilities expense.
Collected $75,000 of accounts receivable.
Collected $125,000 from customers for work to be performed during the following month.
Assume the month in which you made the previous journal entries in part a. was Lobnitzs first month in business. After recording the entries in part a., identify the following amounts for Lobnitz:
TOTAL ASSETS
TOTAL LIABILITIES
TOTAL OWNERS EQUITY
ONLY part Bplease :)
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