1 2.5 points 2 042209 a. Issued 250,000 shares of $7-par-value common stock for $1,750,000 in cash b. Borrowed $510,000 from Oglesby National Bank and signed a 13% note due in two years. c. Incurred and paid $400,000 in salaries for the year d. Purchased $700,000 of merchandise inventory on account during the year. e. Sold inventory costing $660 000 for a total of $910,000, all on credit f. Paid rent of $220,000 on the sales facilities during the first 11 months of the year. 9. Purchased $130,000 of store equipment, paying $52,000 in cash and agreeing to pay the difference within 90 days. h. Paid the entire $78.000 owed for store equipment and $600,000 of the amount due to suppliers for credit purchases previously recorded. i. Incurred and paid utilities expense of $37,000 during the year j. Collected $855,000 in cash from customers during the year for credit sales previously recorded k. At year-end, accrued 566,300 of interest on the note due to Oglesby National Bank L At year end, accrued $20,000 of past-due December rent on the sales facilities. Required: a. Record cach transaction in the appropriate columns. Indicate the financial statement effect. * Answer is not complete. Complete this question by entering your answers in the tabs below. Required A + Expenses Inventory Record each transaction in the appropriate columns. Indicate the firancial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) a ASSETS LIABILITIES STOCKHOLDERS' Net EQUITY Revenue income Transaction Accounts Merchandise Notes Accounts Common Cash Receivable * Equipment Payable + Payable Stock 1,750,000 1,750,000 b 510,000 510000 (400,000) d. 700.000 700.000 e. 940,000 c (400.000 940.000 4. (220.00011 9 130.DDD (220,000) (52.000) (578,000) (37.000) 78000 G7000) h 1 (37,000) 1 855,000 (855.000) K 66,300 90,000 1 (66, 300) 20,000) 743,300 1,728.000 + 85 000 + 700,000 130,000 - 510,000 186,300 1,750,000 0 940,000 Required