ACME Distribution, Inc. December 31, 2016 Selected Transactions December 20 ACVE issued 50 shares of $10 par stack for S31 per share for cash. Prepare the adjustment to record the issuance of stack belaw. Dade Debi Read through the information below for sefected transactions during the month of December, 2016 and prepare the required Jounal entry to record the transaction. Post cach of the entries below to the general Iedger T-accounfs attached On December 5, ACME purchased $56,250 of merchandise on account from Indiana Corp tems 310, v30 ACME purchased supplies for $1,350 cash on December 21. Dale Debi On Decemnber 21 ACME received S2,500 in cash as an advance payment for merchandise to be dalivered next month. Sald Mercharse for $5,000 lo Lee Corpa accont on Dece 7. Coel af lhe merchandise was $3,390 and the terms of the sale were 215, nv30. Dete Account deecription Cate Account descr On December 23 ACME paid in cash the Deoamber utiity bill of $1,650 Date On December 14 ACME wrots a check to Indiena Corp for the purchase made on December 5 totaadvanlage of the purchase discount. On December 23, 2016 the board of directors declared a dividend of SB per share on its 170 issued and cutstanding shares to shareholdars of record on January 16, 2014 and payable on February 18, 2014. (Note that the company uses a dividends general ledger account to record Its dlvidend payments during the year rather than recording the dividends directly to retained earnings. Bc sure to use that account!) Account descri Credit Dete Account description Crecit On Decamber 15, Lee Corp requasted credit for $500 of defective merchandise incuded irn their Decb 7 urchase. We granled then an a lowance arnd they d sposed of the detective merchandise at our request Credit On Decenber 2B ACME paid their emiplayees S4,250 for the pay pericd ending Dacember 23. The sary expense has aireedy been accrued into saleries payable. Dete Account deecription Debt Lse Corp paid their balance due taking the sales discount offered on December 19 Date Accont clescriplion Credit ACME Distribution, Inc. December 31, 2016 Selected Transactions December 20 ACVE issued 50 shares of $10 par stack for S31 per share for cash. Prepare the adjustment to record the issuance of stack belaw. Dade Debi Read through the information below for sefected transactions during the month of December, 2016 and prepare the required Jounal entry to record the transaction. Post cach of the entries below to the general Iedger T-accounfs attached On December 5, ACME purchased $56,250 of merchandise on account from Indiana Corp tems 310, v30 ACME purchased supplies for $1,350 cash on December 21. Dale Debi On Decemnber 21 ACME received S2,500 in cash as an advance payment for merchandise to be dalivered next month. Sald Mercharse for $5,000 lo Lee Corpa accont on Dece 7. Coel af lhe merchandise was $3,390 and the terms of the sale were 215, nv30. Dete Account deecription Cate Account descr On December 23 ACME paid in cash the Deoamber utiity bill of $1,650 Date On December 14 ACME wrots a check to Indiena Corp for the purchase made on December 5 totaadvanlage of the purchase discount. On December 23, 2016 the board of directors declared a dividend of SB per share on its 170 issued and cutstanding shares to shareholdars of record on January 16, 2014 and payable on February 18, 2014. (Note that the company uses a dividends general ledger account to record Its dlvidend payments during the year rather than recording the dividends directly to retained earnings. Bc sure to use that account!) Account descri Credit Dete Account description Crecit On Decamber 15, Lee Corp requasted credit for $500 of defective merchandise incuded irn their Decb 7 urchase. We granled then an a lowance arnd they d sposed of the detective merchandise at our request Credit On Decenber 2B ACME paid their emiplayees S4,250 for the pay pericd ending Dacember 23. The sary expense has aireedy been accrued into saleries payable. Dete Account deecription Debt Lse Corp paid their balance due taking the sales discount offered on December 19 Date Accont clescriplion Credit