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ACME Distribution, Inc. December 31, 2016 Selected Transactions Read through the information below for selected transactions during the month of December, 2016 and prepare the required jounal entry to record the transaction. Post each of the entries below to the general ledger T-accounts attached 50150 1) On December 5, ACME purchased $58,875 of merchandise on account from Indiana Corp torms 3/10, n/30. Date Account description Credit 2 S 58 815 2) Sold Merchandise for $5,000 to Lee Corp on account on December 7. Cost of the merchandise was $3,340 and the terms of the sale were 2/15, n/30. Debit Credit Date #0 On December 14 ACME wrote a check to Indiana Corp for the purchase made on December 5 to take advantage of the purchase discount (round discount to nearest dollar) 3) 1766.25 Date 57,101 Inventery 4) On December 15, Lee Corp requested credit for $500 of defeclive merchandise included in heir December 7 purchase. ACME granted them a allowance and they disposed of the defective merchandise at ACME's request Debit Cred Account description Date Alla Accounts Recewble Soo Lee Corp parid tair balance due baking the sales discount ofoered on Decomber 10.H0 5) Debit Date Credit Accomt Receivabe December 20 ACME issued 50 shares of $10 par stock for $48 per share for cash Prepare the adjustment to record the issuance of stock below 6) Date Debit 12 Commen Stock -in .ph 7) ACME purchased supplies for $1,300 cash on December 21. Date Debit Credit Account description On December 21 ACME received $2,500 in cash as an advance payment for merchandise to be delivered next month. 8) Date 2 On December 23 ACME paid in cash the December utility bill of $1,680 9) Debit Credit Date 12 23 itcs spense 10) On December 23, 2016 the board of directors declared a dividend of $8 per share on its 170 issued and outstanding shares to shareholders of record on January 16, 2016 and payable on February 16, 2016. (Note that the company uses a dividends general ledger account to record its dividend payments during the year rather than recording the dividends directly to retained earnings. Be sure to use that account!) Credit Debit Da 11) ACME has already accrued the employee salaries for the pay period ending December 23. On December 28, ACME pays the employees the previously accrued amount Credit Debit Date