Book erences Mc Graw January 8 January 17 April 1 June 3 July 5 August 1 Purchased merchandise for resale on account. The invoice amount was $14,750; assume a perpetual inventory system. Paid January 8 invoice. Borrowed $78,000 from National Bank for general use; signed a 12-month, 13% annual interest-bearing note for the money. Purchased merchandise for resale on account. The invoice amount was $17,320. Paid June 3 invoice. Rented office space in one of Roger's buildings to another company and collected six months' rent in advance amounting to $21,000. December 20 December 31 Required: 1. Prepare journal entries for each of these transactions. 2. Prepare the adjusting entries required on December 31. 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. 4. For each transaction, state whether operating cash flows increase, decrease, or are not affected. Received a $270 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. Determined wages of $10,000 were earned but not yet paid on December 31 (disregard payroll taxes). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 For each transaction, state whether operating cash flows increase, decrease, or are not affected. Note: Select "NE" if there is no effect. January 8 January 17 April 1 June 3 July 5 August 1 December 20 December 31 Transaction Effect

January 8. Purchased nerchandlse for resale on account. The tmvolce anount was 514,75e; assume a perpetual inventory systen, January 17 Paid January 8 Involce. Apr-11 1 Barrowed $78, bos from watlonal Bank for general use; signed a 12-month, 13B annual interest-bearling note for the money? June 3 Purchased werchandise for resale on account. The lnvolce asount was 517,320. 2uly 5 Patd June 3 involce. August 1 Rented office space in one of Roger's bulldings to another coepany and collected six months? rent in advance Decenter anouting to $21,000. Decenber 20 Becelved a $270 deposit froen a custoner as a guarantee to retuen a tradler borrowed for 30 days. December 31 Determined wages of $10,009 were eacned but not yet paid on Decenber 31 (disregard payrol1 takes). Required: 1. Prepare journal entries for each of these transactions. 2. Prepare the adjusting entries required on December 31 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31 4. For each transaction, state whether operating cash flows increase, decrease, or are not affected Complete this question by entering your answers in the tabs below. For each transaction, state whather operating cash flows increase, decrease, or are not affected. Note; Select "NE" if there is no effect