The following transactions affecting the Curtis Corporation took place in the year 20xx.

a. On January 1, 20xx, stockholders paid $100,000 to the corporation for 10,000 shares of common stock.

b. The following items were purchased on account:

Merchandise $85,000

Supplies 6,000

c. An amount of $6,500 was paid to the landlord. This included rent of $500 for January of the next year.

d. Sales of $117,000 were made.

Cash Sales $57,000

Sales on Account 60,000

e. Collection of accounts receivable was $47,000.

f. Payment of accounts payable was $82,000.

g. Wages paid during the year were $25,000.Wages payable as of December 31 were $500.

h. Insurance premiums paid during the year were $3,000. Prepaid insurance as of December 31 was $1,800.

i. Supplies used during the period were $4,200.

j. The merchandise inventory as of December 31 was $15,000.

k. Bonds were issued on July 1. The par value of the bonds is $50,000, and this amount was received from the investors. The bonds have a 7 percent rate of interest.

l. Income taxes for the year are $1,837. No income taxes were paid in the current year.

Record the foregoing transactions, including adjusting entries, in T-accounts.