Complete the journal entries for the transactions listed.

1 Paid the $8,377 in salaries owed at year end 2015.

2 Collected the $22,805 of accounts receivable due to them at year end 2015.

3 Paid the $381,796 owed on account at year end 2015.

4 Purchased additional Furniture & Equipment on January 2, 2016 costing $76,000 due to increased shipping activities for their growing online presence.

5 Paid $2,940 to renew their annual insurance policy on March 1, 2016.

6 Purchased a new computerized sales system on April 1, 2016 for $72,000. The system has a useful economic life of 3 years and will be depreciated monthly using the straight line method. The system has no salvage value.

7 Made a payment on the long-term note of $92,000.

8 Made a payment on the mortgage note of $16,800.

9 Paid the interest of $17,257 that was payable at year end 2015.

10 Paid the taxes owed of $109,670 at year end 2015.

11 Sales of woolen goods for 2016 were $2,542,690. At December 31, 2016, $41,550 of this amount was still listed as receivable.

12 The total cost of the goods sold during 2016 was $1,652,748.

13 Purchased inventory during the year that cost $1,690,000. The company owed $411,050 on these purchases at year end 2016.

14 Total Salaries for the year were $97,050 and total interest expense was $14,211. Salaries of $6,420 and interest expense of $14,211 are still payable at year end 2016:

15 Supplies inventory of $2,677 was purchased with cash during 2016. Total supplies inventory of $578 was still on hand at year end 2016.

16 Depreciation expense needs to be recorded on the buildings, furniture and equipment, and the new computer system at year end 2016. All items are depreciated on a monthly basis using straight line depreciation with no salvage value. The building has a useful life of 40 years and the furniture and equipment is depreciated over 7 years. As noted above, the new sales system has a useful life of 3 years. Round all depreciation amounts to the nearest dollar.

17 The Prepaid Insurance and the Supplies Inventory need to be adjusted at year end 2016 so that the proper amount for insurance expense and supplies expense is recorded. See items 5 and 15 for details.

18 Estimated income tax payments of $120,000 were made during the year 2016.

19 The company paid out cash dividends totaling $500 to its shareholders.

20 Tax expense is 30% of Income before Income Tax.