Financial Accounting xSuccess dav/pid-4515559-dt-content-rid-15563684 1/courses/ACC2311-V1-Sul 18/ACC%202311%20Financial xHome -MyWord-Unive x 8. The following events occurred during the month of May for McLain Company. a. McLain sells 240 units for $20 each. McLain collects cash for 200 of these units. The unit cost McLain $8 each to purchase. b. McLain purchases $1,800 worth of inventory on account. c. McLain collects $500 in cash on its A/R d. McLain takes out a loan for $400. e. McLain pays out $350 cash in dividends. f. McLain receives a contribution of $600 from its owners. 8. McLain purchased a new piece of equipment. The new equipment cost $1,000 and was paic for in cash. h. McLain pays $500 of its accounts payable. i. McLain incurs $500 in salaries expense, but will not pay workers until next month. j. McLain incurs $300 in rent expense and pays it in cash. k. McL.ain prepays $200 in cash for insurance. 1. Taxes, paid in cash, are $110. 116 FINANCIAL ACCOUNTING Required: a. Prepare journal entries for the above transactions. b. Complete the T-accounts below. Numbers already under the accounts represent the prior balance in that account. Figure 4.30 Opening T-Account Balances Cash Accounts Recevable Invent 500 Prepaid Insur Equipment