Question

a Issued 240000 shares of $6-per-value common stock for $1,440,000 in cash b. Browed $50.000 ton Oglesby National Bank and sigedam% note due in two years. c. Incurned and paid $400,000 in salaries for the year d. Purchased $650,000 of merchandise Inventory on account during the year e. Sold inventory costing $620,000 for a total of $950,000, all on credit Paid rent of $220,000 on the sales fecilities during the first 11 months of the year h Paid the entre $78000 owed for store equipment and $600,000 of the amount due to suppliers for credit purchases previously recorded L Incurred and peid utilities expense of $38,000 during the year Collected $885,000 in cesh from customers during the year for credit sales previously recorded. k. Atl year-end, accrued $56100 of interest on the note due to Oglesby National Bank L At year-end, accrued $20.000 of past-due December rent on the sales facilities Required information 2.50 points Required: Record each transaction in the appropriate columns. (If an transaction/Adjustment are to tc count balin col amt not aectin the balance shetry or Income statment, leave the cells ASSETS LIABILITIES STOCKHOLDE Net income Revenue-Expenses EQUITY Commorn ransaction Notes Accounts

Answer 1