M2-13 Identifying Transactions and Preparing Journal Entries [LO 2-3] J.K. Builders was incorporated on July 1 a. Received $83,000 cash invested by owners and issued common stock. b. Bought an unused field from a local farmer by paying $73,000 cash. As a construction site for smaller projects, it is estimated to be worth $78,000 to J.K. Builders c. Alumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $23,000, but the supplier gave J.K. Builders a 10 percent discount. J.K. Builders has not yet received the $20,700 bill from the supplier d. Borrowed $38,000 from the bank with a plan to use the funds to build a small workshop in August. The loan must be repaid in two years. e. One of the owners sold $23,000 worth of his common stock to another shareholder for $24,000 Prepare journal entries for the above transactions from the first month of business. (If no entry is required fora transactionlevent, selec \"No Journal Entry Required\" in the first account field.) Solution Ref Account Debit Credit a Cash 83000 Common stock 83000 b Land 73000 Cash 73000 c Lumber supplies 20700 Accounts payable 20700 d cash 38000 Notes payable 38000 e No entry.

1. Many non-scientists have focused their criticism of evolution on the fact that even scientists have
criticized Darwin’s theory. Is this true? In what respect did Darwin get it wrong, or maybe in
what way has Darwin’s theory been modified?
Solution
The "Origin of Species" of Darwin described about the heritable change in an organism over a
period of time due to natural selection. Scientists also criticized of Danwin's opinion on use and
disuse theory. At the time of Origin of species, Darwin do not know about the existed of
microorganisms and his theory of tree of life became wrong. Pangenesis theory of Darwin also
became wrong as he do not know anything about genetics.