Create a journal entry for Transactions A-T and post them onto T-accounts

At the beginning of the 2018, the company's 1/1/2018 trial balance was as follows: Debit $ $ 1,240,000 $ 72,422,000 Number Title 100 Cash 110 Accounts Receivable 115 Allowance For Bad Debts 120 Inventory 135 Accumulated Depreciation 140 Equipment 160 Buildings 170 Land 180 Patents 185 Accumulated Amortization 200 Accounts Payable 300 Common Stock 310 Additional Paid In Capital 340 Retained Earnngs $ $ $ $ Credit 450,000,000 33,000,000 $ 12,345,000 $ 105,000,000 1,000,000 2,567,000 80,000 $ $ $ $ $ 603,992,000 $ $ 50,000 70,050,000 120,000,000 267,000,000 73,230,000 603,992,000 $ Transaction No. Transaction January 1: Pane purchases inventory on account to make stained glass windows. The contract has terms of 2/10, n/30. The goods were purchased under the shipping terms of FOB destination. Inventory Purchased Shipping Cost $9,750,000 $5,050 B January 3: Pane receives rent for the 2 years from a tenant who rents one of their empty warehouses. Total Rent Paid $63,000 January 5: Pane pays for the inventory purchased in transaction A. D February 12: Pane purchased a one year insurance policy on account with coverage beginning on March 1. Insurance Policy $20,000 E March 1: Pane purchases additional inventory on account to make stained glass windows. The goods were purchased under the shipping terms of FOB shipping point. Inventory Purchased Shipping Cost $12,325,000 $9,000 F May 31: Pane sells window panes to customers. Some customers paid in cash, others purchased their goods on account. Pane uses the perpetual method to track their inventory. Cash Sales Sales on account Cost of Goods Sold 5,367,000 40,054,000 13,250,000 G June 1: Pane pays for the inventory purchased in transaction E. H July 1: Pane pays cash for a patent that will allow them to produce a revolutionary new window for boats and other marine vehicles called "T-Panes". Cost of Patent Remaining legal life of patent (in years) $90,000 9 July 28: Pane issued shares of common stock Number of shares Par Value Price Per Share 5,230 $2 $124 J August 6: Pane purchases land with cash. At the time of purchase, Pane also had to pay for survey fees related to the land. $124,000 Cost of Land Survey Fees $ 600 K November 1: Pane lends one of their employees $200,000 in exchange for a note receivable. The employee is required to pay Pane back for the principal and interest on September 1, 2019. Principal Interest Rate Maturity Date $200,000 9% 9/1/2019 L November 15: Pane sales additional goods to customers on account. Sales on account Cost of Goods Sold $20,000,000 $6,350,000 M December 1: Pane puchases a piece of machinery with cash that will assist in making "T-Panes" Cost of Machinery Installation Fees Transportation Costs $890,000 $4,250 $1,030 N December 10: Pane collects a portion of their accounts receivable Amount collected $43,758,000 o December 18: Pane sold a piece of their equipment for $10,000 in exchange for cash. Sale Price Equipment Historical Cost Accumulated Depreciation for this equipment $10,000 $55,000 $38,000 P December 31: Pane paid the IRS their 2018 income tax. Income Tax Paid $2,000,000 Q The payroll information for the year is shown below. All salaries and wages were previously paid for in cash, however this activity has not been recorded on Pane's books. Number of Employees Employee payment (daily) Days worked in the current year 200 $175 250 S On December 31, Pane was notified that their one of their customers filed bankruptcy and would not be able to pay off their $3,000 T On December 31, Pane paid cash dividends of $8,000 to its shareholders. Year-End Adjusting Entries: 1 Recognize the revenue earned from the rent paid in transaction A. 2 Recognize the expiration of the prepaid insurance policy, purchased in transaction D. 3 Recognize the interest earned on the note receivable issued in transaction K 4 Record the bad debt expense for the year, assuming uses 3% of accounts receivable to estimate their uncollectible accounts. 5 Depreciation Expense for the year is 2,556,000 6 Amortization Expense for the year is 3,000