Miscellaneous transactions and adjusting entries Assume that LJB Group (LJB). a Swiss engineering firm, engaged in the following six transactions during the year ended December 31, 2008. LJB applies U.S. GAAP, and reports its results in millions of U.S. dollars. Give the journal entries to recor1 (1) each of the six transactions, and (2) any necessary adjusting entries on December 31. 2008. You may omit explanations for the journal entries.

a. On November 1, 2008, LJB gibes a 90-day note to a supplier in exchange for inventory purchased costing $180,000. The note bears interest at 8% per year and is due on January 31, 2009.

b. On December 5, 2008, LJB receives $842,000 in cash from a customer for products and services that UB will deliver in January 2009.

c. LJB acquires a machine on October 1, 2008, for $1,400.000 cash. It expects the machine to have a $160,000 salvage value and a 10-year life.

d. On September 30, 2008, LJB sells merchandise to a customer, on credit, for $565,000. The merchandise has a cost to LJB of $422,000.

e. LJB purchases insurance on its headquarters building on September 1, 2008, for the next 12 months beginning on that date. It pays the $360,000 insurance premium in cash.

f. On November 16, 2008, LJB issues 40,000 shares of common stock with a par value of $1 for $26 per share. LJB uses the cash proceeds to repay accounts payable.