Following are the transactions and adjustments that occurred during the first year of operations at Kissick Company.

a$.$ Issued $230,000$ shares of $$8-$par$-$value common stock for $$1,840,000$ in cash.

b$.$ Borrowed $$520,000$ from Oglesby National Bank and signed a $12\%$ note due In three years.

c$.$ Incurred and paid $$430,000$ in salarles for the year.

d$.$ Purchased $$660,000$ of merchandise Inventory on account during the year.

e$.$ Sold inventory costing $$670,000$ for a total of $$970,000,$ all on credit.

f$.$ Pald rent of $$220,000$ on the sales facilities during the first $11$ months of the year.

g$.$ Purchased $$150,000$ of store equipment, paying $$54,000$ in cash and agreeing to pay the difference within $90$ days.

h$.$ Pald the entire $$96,000$ owed for store equipment and $$600,000$ of the amount due to suppliers for credit purchases previously recorded.

I. Incurred and pald utlities expense of $$40,000$ during the year.

Collected $$835,000$ in cash from customers during the year for credit sales previously recorded.

k$.$ At year$-$end, accrued $$62,400$ of Interest on the note due to Oglesby National Bank.

I. At year$-$end, accrued $$20,000$ of past$-$due December rent on the sales facilities.

Required:

a$.$ Record each transaction in the approprlate columns. Indicate the financial statement effect.

b$.$ Prepare the journal entry for the above transactions.

Complete this question by entering your answers in the tabs below.

Required A

Record each transaction in the appropriate columns. Indicate the financial statement effect.

Note: Enter decreases with a minus sign to indicate a negative financial statement effect.

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