Each of the transactions below requires a journal entry.

1. Issued an additional 100,000 shares of common stock on January 2. The stock was sold for $350,000 which equals the par value of the stock.

2. Received cash payment of $22,000 for outstanding accounts receivable on January 3.

3. Purchased equipment for $29,000 cash on January 3.

4. Provided services for cash of $72,000 on January 31.

5. Received bill and paid utilities of $16,000 on Feburary 10.

6. Provided services on credit for $24,000 on March 1.

7. Paid employee salaries of $63,000 on March 31.

8. Declared and paid dividends to stockholders of $17,000 on April 15.

9. Incurred legal fees of $14,000 on May 9, but did not pay for these services.

10. Collected $7,500 from the March 1st transaction on June 20.

11. Collected $55,000 on June 30 for services to be provided over the coming year.

12. Sold land with cost of $100,000 for $107,000 cash on July 31.

13. Paid $36,000 for a three-year insurance policy on August 17 with coverage beginning on September 1.

14. Paid $8,000 on October 18th related to legal legal fees incurred on May 9.

15. Paid $2,100 for a three-week equipment rental on November 12.

16. As of December 31, Nguyen has not recorded any insurance expense for the year. The only insurance policy it owns is the one purchased in #13 above.

17. Nguyen depreciates its equipment at a rate of $7,500 per year. Depreciation expense has not been recorded as of December 31.

18. For the service revenue collected on June 30 (#11 above), Nguyen estimated that 50% of the amount collected in advance had been earned by the end of the year.

19. Nguyen received a information from a field technician indicating that services amounting to $3,750 had been provided that need to be billed to customers and recorded.

20. Nguyen has incurred salaries of $8,500 at the end of the year. The next payroll date is January 2 of the following year. (Ignore payroll taxes and withholdings)