(Answered) Refer 2-5a purchased 216 in equipment paid by signing a 5

Accounting

Refer 2-5.

a. Purchased $ 216 in equipment; paid by signing a $ 5 long- term note and fulfilling the rest with cash.

b. Issued $ 21 in additional common stock for cash contributions made by stockholders.

c. Several NIKE investors sold their own stock to other investors on the stock exchange for $ 110 per share of stock.

Required:

1. For each of the events in E2- 5, prepare journal entries, checking that debits equal credits.

2. Explain your response to event (c).

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