1.

Prepare journal entries for each of the transactions.

1.Record the purchase of inventory of $24,000 on account.

2. Record the payment for inventory in full.

3. Record the borrowing of $80,000.

4.Record the purchase of inventory of $8,000 on account.

5. Record the payment for inventory in full.

6. Record the collection of eight months rent in advance amounting to $8,000.

2.	Prepare any adjusting entries required on December 31, 2013. 1. Record the wages earned, but not yet paid as of December 31. 2. Record the adjusting entry relating to interest. 3. Record the adjusting entry relating to rent.