Record the following transactions for the year 20x1, using T-accounts (open any accounts you may need). The Burnside Company uses the periodic inventory procedure.

a. Sales of $150,000 were made, of which $90,000 were made on account.

b. Collections during the period from customers were $95,000.

c. Merchandise purchased on account during the period was $80,000.

d. The merchandise inventory on December 31, 20x1, was $45,000.

e. Payments to trade creditors for merchandise and supplies purchased were $85,000.

f. Supplies purchased on account during the period were $5,500.

g. On December 15, 20x1, the rent for 20x2 was paid, $5,000. The rent for the year 20x1 was $4,000.

h. As of December 31, 20x1, the company owed its employees wages totaling $5,000. During the year, employees were paid $70,000.

i. Supplies on hand as of December 31, 20x1, were $900.

The account balances before the transactions were as follows:

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Cash Accounts Receivable Merchandise Supplies Rent (Prepaid) Wages Expense Cost of Goods Sold Supplies Expense Rent Expense Accounts Payable Wages Payable Sales Common Stock Retained Earnings December 31, 20x0 Debits $ 90,000 59,500 60,000 1,500 4,000 | | $215,000 Credits $ 16,000 24,000 100,000 75,000 $215,000