American Laser, Inc., reported the following account balances on January 1. Debit $ 5,000 Credit Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance forDoubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Farnings Treasury stock TOTALS 30,000 120,000 2,000 277,000 17,500 10,000 17,500 120,000 $299,500 $299,500 The company entered into the following transactions during the year. Jan 15 Issued 20,00 shares of $1 par common stock for $80,000 cash Jan 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,300 shares of $1 par common stock into treasury for $36,300 cash Mar 15 Reissued 2,300 shares of treasury stock for $27, 300 cash Aug 15 Reissued 600 shares of treasury stock for $4,600 cash Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oct.1 Issued 100, 10-year, $1,010 honds, at a quoted bond price of 101 Oct 3 Wrote off a $2,000 balance due from a customer who went bankrupt Dec. 29 Recorded $260,000 of service revenue, all of which was collected in cash Dec 30 Paid $230,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions Dec. 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) General Journa General Ledger Debt to Assets Ratio Requirement Trial Balance Balance Sheet Prepare the journal entries to record each transaction. Review the accounts as shown in the General Ledger and Trial Balance tabs. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 123 4 5 678 Issued 20,000 shares of $1 par common stock for $80,000 cash. Record the transaction Note: Enter debits before credits Date General Journal Debit Credit Jan 15 Record entry Clear entry View general journal