Question

For each of the following transactions, prepare journal entries:

a.

The company issued common shares for $157,000.

b.

The company borrowed $67,000 from a bank. (Use Bank Loan Payable)

c.

Inventory costing $46,400 was purchased on account.

d.

Rented a retail space and paid a damage deposit of $9,000.

e.

Received a bill for advertising costs of $3,600 related to the grand opening.

f.

Paid employees wages of $15,300.

g.

Inventory costing $42,200 was sold for $70,000, half for cash and half on account. (Hint: Two journal entries are required.)

h.

A payment of $43,500 was made on accounts payable.

i.

Accounts receivable totalling $20,900 were collected.

j.

New equipment costing $108,000 was purchased for cash.

k.

The company paid $17,200 on its bank loan, which included $10,000 of interest.

l.

The company paid $8,600 for the monthly rent on its retail location.

m.

The company’s board declared and paid dividends of $13,300.

n.

Paid the advertising bill related to the grand opening (see transaction (e)).

Please provide the answer exactly like the table below here:

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