Journal EntriesDr.Cr.
Cash$500,000
Common Stock$ 500,000
Principle Payments$ 60,000
Principle Payments Payable$ 60,000
Interest$ 18,000
Interest Payable$ 18,000
Land$ 525,000
Cash$ 525,000
Drilling$ 1,000
Cash$ 1,000
Bldg and equipment$ 240,000
Cash$ 240,000
Inventory$ 6,300
Accounts Payable$ 6,300
Inventory$500
Accounts Payable$500
Accounts Receivable$5,000
Cash$5,000
Accounts Receivable$10,000
Sales Revenue$10,000
Wages$1,500
Wages Payable$1,500
Delivery Service$900
Services Payable$900
Principle Loan$300,000
Loan payable$300,000