The following transactions were recorded by May G&M Retail Stores:

1. Merchandise inventory was sold on account for $120,000.

2. The cost of merchandise sold in transaction 1 was $62,500.

3. Collections from customers were $125,000.

4. A $900,000 long-term note payable was paid by check.

5. A $10,000 loan to the company’s president was due, but not yet paid.

6. One hundred thousand dollars was invested in short-term certificates of deposit.

7. Merchandise inventory was purchased on account for $65,000.

8. Payments of $62,500 were made to suppliers.

9. Interest of $9,000 is due on a long-term note payable.

10. Paid half the interest (transaction 9).

11. A $45,000 refund from a supplier was received unexpectedly.

12. Land was purchased for $95,000 cash and a $300,000 note.

13. Salaries and wages due at the end of the fiscal period were accrued at

$7,800.

14. Recorded depreciation of $4,650 on equipment.