Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year ended Dec. 31, 2018, were as follows: 1. Journalize the selected transactions, Assume 360 days per year If no entry is required, select "No entry required" from the dropdown and leave the amoure boxes blank. For a compound transaction, if an amount box does not require an entry, leave blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500 Description Debit Credit Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts office supplies, $1,680, miscellaneous selling expense, $570, miscellaneous administrative expense, 5880 Description Debit Credit Apr. 14: Purchased $31,300 of merchandise on account, terms, n/30. The perpetual inventory system is used to account for inventory. Description Debit Credit May 13: Paid the invoice of Apr. 14, Description Debit Credit May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. Description Debit Credit June 2: Received a 60-day, 8% note for $180,000 on the Ryanair account Description Debit Credit Aug. 1: Received amount owed on June 2 note plus interest at the matunty date Description Debit Credit Aug. 24: Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance, (The allowance method is used in accounting for uncollectible recevables.) Description Debit Credit Sept. 15: Reinstated the Finley account written off on Aug. 24 and received $1,400 cash in full payment Description Debit Credit Sept. 15: Purchased land by issang a $670,000, 90-day note to Zahorik Co., which discounted it at 9% Description Debit Credit Oct. 17: Sold office equipment in exchange for $135,000 cash plus receipt of $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated deprecation of $64,000 as of Oct. 17. Description Debit Credit Nov. 30 Journalized the monthly payroll for November, bases on the following data: Salaries Deductions Sales salaries office salaries $135,000 77,250 Income tax withheld $39,266 $212,250 Sopal security tax withheld Medicare tax withheld 12,735 3.184 Unemployment tax rates: Previous Next Nov. 30: Journalized the monthly payroll for November, based on the following data: Salaries Deductions Sales salaries $135,000 Income tax withheld $39,266 Office salaries 77,250 $212,250 Social security tax withheld 12,735 Medicare tax withheld 3,184. Unemployment tax rates: State unemployment Federal unemployment Amount subject to unemployment taxes: 5.4% 0.6% State unemployment Federal unemployment $5,000 5,000 Nov. 30: Journalized the employer's payroll taxes on the payroll. Description Debit Credit Description Debit Credit Dec. 14: Journalized the payment of the Sept. 15 note at maturity. Description Debit Credit Dec. 31: The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee. Description Debit Credit