Scott, Kim and Koko organized the SKK Corporation on January 1, 20A. Each of these owners invested $27,000 cash and received shares of stock. Below are selected transactions that were completed during January.
(1) Sold stock to the owners.
(2) Borrowed $70,000 on one-year note payable.
(3) Purchased land by signing a $30,000 note payable.
(4) Purchased two service vehicles, $18,000 each on credit.
(5) Paid $10,000 of accounts payable.
(6) Purchased $12,000 of supplies on credit. SKK uses a Supplies Inventory account.
Required: Prepare the appropriate Journal Entries and complete the following table based only on the 6 transactions above:
Assets: $
Liabilities: $
Stocholders' Equity: $