Recording Transactions Prepare entries in general journal form to record each of the following transactions for Soullard Company:

a. The company issues capital stock for $100,000.

b. A three-year lease is signed on a building, and Soullard pays $24,000 rent in advance.

c. Equipment is purchased on credit for $18,000.

d. Inventory is purchased on credit for $67,000.

e. The company receives a $50,000 loan from the Quicksand Savings Bank.

f. The company sells inventory for $12,400 cash and $35,200 on credit.
g. Soullard pays $20,000 on account.
h. Accounts from customers in the amount of $22,500 are collected.
. A bill for $620 is received from the local gas and electric company.
j. A full-time sales associate is hired at a salary of $1,500 per month.
k. A piece of the company’s equipment is repaired at a cost of $330, the full amount paid in cash.
l. The company earns $25 interest on the money it has in the bank.
m. The sales associate’s monthly salary is paid.
n. Depreciation expense of $800 is recorded.
o. Interest accrued (but unpaid) on the loan is $3,000.