Assume Maudelin Souvenir Shop has been in business for several years. The balances in the accounts on January 1, 2019 are in the Transaction Analysis Worksheet and in the T- Accounts. The following transactions took place during 2019. 1. Company purchased inventory on credit (with accounts payable), cost of $295,000 2. Company made credit sales (with accounts receivable), amount of $200,000. 3. Company collected accounts receivable amount of $140,000. 4. Company hired a new assistant store manager. She will start in January 2020. 5. Company made cash sales, amount of $150,000. 6. Company paid off accounts payable in the amount of $225,000. 7. Company counted inventory at year-end, and found that the inventory sold cost $245,000 8. Company paid $33,000 in salaries in cash. 9. Company paid $3,000 for interest on the note payable (Noncurrent). 10. Company recognized $2,500 in depreciation on the Property, Plant and Equipment 11. Company pays income taxes at a rate of 20%. It uses an income tax payable account now, and will pay cash in the future. B. Prepare journal entries for each transaction (if appropriate). Transaction and Accounts Affected Debit Amount Credit Amount Journal Entries (Record on Left) Record on Right) 1. 2. 3. 1. 5. 6. 7. 8. ON 10. 11