BUSINESS TRANSACTIONS for the Month of December.

1) 12-1 The Shark Corp Received $250,000 from SJ Sharkie in exchange for 5,000 shares of Common Stock.

2) 12-2 The Shark Corp Borrowed $50,000 from Wells Fargo Bank and signed a Note.

3) 12-3 The Shark Corp purchased Office Furniture for $100,000(5 year life), on account from IKEA..

4) 12-4 The Shark Corp purchased Computer Equipment for $60,000(5 year life), on account from Office Depot

5) 12-5 The Shark Corp paid $18,000 with Check#101 for Corporate Insurance for the next 12 months.(Dec-Nov)

6) 12-10 The Shark Corp paid $20,000 with Check#102 for December Rent.

7) 12-11 The Shark Corp provided a mascot Seminar for the NIKE Corp and Billed Nike $120,000 on account.

8) 12-15 The Shark Corp received the December Utility Bill from PGE in the amount of $7,000 to be paid in Jan.

9) 12-16 The Shark Corp received the December Telephone Bill from SBC for $4,000 to be paid Later.

10) 12-17 The Shark Corp received a $70,000 Check from Nike Corp on account for services previously provided.

11) 12-20 The Shark Corp paid $12,000 with check #103 to Marks Marketing for Professional Fees Expense.

12) 12-25 The Shark Corp paid $45,000 with Check #104 for December Salary expenses.

13) 12-27 The Shark Corp received a $25,000 Check from Buick Corp for services to be provided in January.

14) 12-28 The Shark Corp Paid $100,000 with Check#105 to IKEA Corp for the Office Furniture purchased above.

15) 12-29 The Shark Corp Paid $4,000 with Check #106 to SBC on account for the Telephone Bill.

16) 12-30 The Shark Corp Paid $11,000 with Check#107 to Mr. SJ Sharkie for Dividends to the owner.

17) 12-30 The Shark Corp paid $3,000 with check #108 to WF Bank on the note, $1,000 was for Interest Expense.

18) 12-31 The Shark Corp recorded one Month of Insurance expense from the Prepaid Insurance account.

19) 12-31 The Shark Corp recorded one Month of Depreciation Expense on the Furniture and the Computer Equip.

20) 12-31 The Shark Corp recorded Income Tax Payable and Income Tax Expense for December, which is 40% of Net Income.(Taxes to be discussed in Zoom meeting)

Do the following:

- Prepare the Accounting Journal, record all Accounting Entries based on the Transactions Below into the Journal using the proper Journal Format.

Include explanations and also calculations where needed

- Prepare the General Ledger/T-Accounts, post all transactions from the Journal into the GL Accounts.

Use the Accounting Transaction Reference Numbers from above to identify amounts in your T-Accounts.