Common shares Bought land for 15,000 shares with a $35 per share market value. Debit Credit Land Paid six months rent in advance for a total of $6,000. Debit Prepaid Rent Credit b) Cash Paid insurance premiums for the year in the amount of $8,000. Debit Prepaid insurance Credit Cash Bought a building for $250,000. Paid one-fifth in cash and the balance with a 10-year, 6% interest dynote payable. Debit Building Credit Cash Credit Notes Payable Purchased $20,000 of merchandise inventory on credit. Debit Inventory Credit Accounts payable f) Paid utilities bill for $450. Debit Utilities Credit Cash Sold $8,000 of merchandise inventory for $12,000 on credit. Debit Accounts receivable Credit g) Inventory Debit Accounts payable Credit Cash Collected a $10,000 cash deposit from customers for custom orders. Debit Cash h) Credit Sales Revenue i) Paid salaries and wages of $8,500. Debit Salaries & Wages Credit Cash Paid $8,000 on merchandise inventory previously purchased in part e). Debit Inventory j) Credit Cash Received $7,000 from customers on account. Debit Unearned Revenue Credit k) Cash 1) Declared and paid a $5,000 dividend. Debit Dividend payable Credit Cash