How to make journal entries,
During November 2008 waston Inc, completed the following transaction:
1. Received $320,000 for $80,000 share of capital stock
2. Purchased a new building, paying $20,000 cash and issuing a note for $50,000.
3.Sold equipment for $15,000 cash ( no gain or loss)
4. Purchased $ 250,000 of inventory, paying 40% down payment and 60% on credit
5. Purchased $15,000 of inventory on account
6. Paid for inventory purchased on account ( no.5 above)

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1. Debit Cash for the amount received
Credit Common Stock for the Par Value of stock sold
Credit Additional Paid-in Capital for the difference

2. Debit Building for the cost
Credit Cash for the amount paid
Credit Notes Payable for the difference

3. Debit Cash for the amount received
Credit Equipment for the amount

4. Debit Inventory for the amount
Credit Cash for the amount paid
Credit Accounts Payable for the difference

5. Same as above

6. Debit Accounts Payable for the amount
Credit Cash for the amount