Complete the Journal Entries for all 2020 transaction and adjustment information listed below.

You do not have to date your journal entries. Be sure to sum the debit and credit columns to confirm they balance.

Transaction and Adjustment Data: 1 Paid the $8,377 in salaries owed at year end 2019. 2 Collected the $22,805 of accounts receivable due to them at year end 2019. 3 Paid the $381,796 owed on account at year end 2019. 4 Purchased additional Furniture & Equipment on January 2, 2020 costing $76,000 due to increased shipping activities for their growing online 5 Paid $3,150 to renew their annual insurance policy on March 1, 2020. 6 Purchased a new computerized sales system on April 1, 2020 for $78,000 in cash. The system has a useful economic life of 3 years and will be depreciated monthly using the straight line method. The system has a 7 Made a payment on the long-term note of $90,000. 8 Made a payment on the mortgage note of $16,800. 9 Paid the interest of $24,653 that was payable at year end 2019. 10 Paid the taxes owed of $41,670 at year end 2019. 11 Issued 22,000 shares of Common Stock on May 1, 2020 for $10 per share. 12 Sales of woolen goods for 2020 were $2,542,690. At December 31, 2020, $41,550 of this amount was still listed as receivable. 13 The total cost of the goods sold during 2020 was $1,665,462. 14 Purchased inventory during the year that cost $1,690,000. The company owed $411,050 on these purchases at year end 2020. 15 Total Salaries Expense for the year were $129,050 and total interest expense was $20,301. Salaries of $8,420 and interest expense of $20,301 are still payable at year end 2020. 16 Supplies inventory of $3,677 was purchased with cash during 2020. Total supplies inventory of $578 was still on hand at year end 2020. 17 Depreciation expense needs to be recorded on the buildings, furniture and equipment, and the new computer system at year end 2020. All items are depreciated on a monthly basis using straight line depreciation. The building has a useful life of 40 years and the furniture and equipment is depreciated over 7 years--there is no salvage value on the buildings or the furniture and equipment. As noted above, the new sales system has a useful life of 3 years and has a salvage value of $3,000. Round all 18 The Prepaid Insurance and the Supplies Inventory need to be adjusted at year end 2020 so that the proper amount for insurance expense and supplies expense is recorded. See items 5 and 16 for details. (If you adjusted the supplies in #16, do not do it again) 19 Estimated income tax payments of $132,000 were made during the year 2020. 20 The company paid out cash dividends totaling $2,000 to its shareholders. 21 The company determined that a customer account was not collectible, and wrote off $135 on December 31. 22 The company believes that 3% of ending Accounts Receivable is a reasonable estimate of its Allowance for Doubtful Accounts balance. The Company uses the allowance method to record bad debts. 23 Tax expense is 21% of Income before Income Tax