During the year Acme has had trouble with their accounting staff. They have hired you to create a set of journal entries and an income statements and update their balance sheet. Please make the appropriate journal entry below based on the explanation provided.

1.Acme sold $600,000 dollars of bricks for cash and $150,000 accounts receivable. Cost of goods sold was 60%.

2.They incurred administrative expenses of $80,000 paid for in cash. The also incurred selling expenses of $60,000 to which they paid $56,000 to employees in cash this year and will pay $4,000 in January of next year.

3.Acme took out a long term loan for a building for $75,000 and sold stock for an additional $20,000 to buy a $95,000 building.

4.Depreciation Expense for the year is $10,000.