jojomajojo Posts: 1, Reputation: 1 New Member   #1 Oct 23, 2010, 05:13 PM

Please Help Me To Journalize These Transactions?? A- Issued 6000 additional shares of capital stock for $30000 cash. B- Borrowed $10000 on January 2, 2012, from Metropolis Bank as a long-term loan. Interest for the year is $700, payable on January 2, 2012 C- Paid $5100 cash on September 1 to lease a truck for one year D- Received $1800 on November 1 from a tenant for six months' rent. E- Paid $900 on December 1 for a one-year insurance policy. F- Purchased $250 of supplies for cash. G- Purchased inventory for $80000 on account H- Sold inventory for $105000 on account; cost of the merchandise sold was $60000 I- Collected $95000 cash from customers' accounts receivable. J- Paid $65000 cash for inventories purchased during the year. K- Paid $34000 for sales reps' salaries, including $3500 owed at the beginning of 2012. L- No dividends were paid during the year M- The income taxes payable for 2011 were paid N- For adjusting entries, all prepaid expenses are initially recorded as assets, and all unearned revenues are initially recorded as liabilities O- At year-end, $400 worth of supplies are on hand P- At year-end, an additional $4000 of sales salaries are owed, but have not yet been paid Q- Income tax expense is based on a 35% corporate tax rate.

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