Posted: May 27th, 2017

Zoum Corporation had the following transactions during 2014:

Zoum Corporation had the following transactions during 2014:

1 – Issued $125,000 of par value common stock for cash.
2 – Recorded and paid wages expense of $60,000.
3 – Acquired land by issuing common stock of par value ,000.
4 – Declared and paid a cash dividend of $10,000.
5 – Sold a long-term investment (cost $3,000) for cash of $3,000.
6 – Recorded cash sales of $400,000.
7 – Bought inventory for cash of $160,000.
8 – Acquired an investment in Zynga stock for cash of $21,000.
9 – Converted bonds payable to common stock in the amount of $500,000.
10 – Repaid a 6 year note payable in the amount of $220,000.