Madison Shoes manufactures athletic shoes and sports apparel. The following activities occurred during a recent year. The amounts are presented in millions of dollars.
a. Purchased $250 in equipment; paid by signing a $9 long-term note and fulfilling the rest with cash.
b. Issued $36 in additional common stock for cash contributions made by stockholders.
c. Several Madison Shoes investors sold their own stock to other investors on the stock exchange for $170 per share of stock.
Required:
For each of the events above, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
Purchased $250 in equipment; paid by signing a $9 long-term note and fulfilling the rest with cash. Record the transaction.
Note: Enter debits before credits. T
ransaction General Journal Debit Credit