Reference no: EM133008570
Question - The August transactions for Elsa Limited are presented below:
1. Cash of $100,000 was invested in Elsa Limited in exchange for 50,000 common shares.
2. Purchased equipment costing $25,000 in exchange for a $15,000 bank loan and paid $10,000 cash for the remainder.
3. Purchased land costing $50,000 for cash, the land has a market value of $55,000.
4. Paid $2,400 cash for a one-year insurance policy.
5. Received $3,500 cash for services to be performed in September.
6. Received $5,000 for services previously performed on account.
7. Paid employee salaries for $13,500.
8. Declared and paid dividends of $500.
Required - Prepare the journal entry for each transaction.
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