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

Issued $220,000$ shares of $$7-$par$-$value common stock for $$1,540,000$ in cash.

Borrowed $$560,000$ from Oglesby National Bank and signed a $13\%$ note due in three years.

Incurred and paid $$420,000$ in salaries for the year.

Purchased $$710,000$ of merchandise inventory on account during the year.

Sold inventory costing $$610,000$ for a total of $$910,000,$ all on credit.

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

Purchased $$130,000$ of store equipment, paying $$54,000$ in cash and agreeing to pay the difference within $90$ days.

Paid the entire $$76,000$ owed for store equipment and $$600,000$ of the amount due to suppliers for credit purchases previously recorded.

Incurred and paid utilities expense of $$42,000$ during the year.

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

At year$-$end, accrued $$72,800$ of interest on the note due to Oglesby National Bank.

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

Required:

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

Prepare the journal entry for the above transactions. 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.

$\backslash$table$[[$Transaction$,$ASSETS,$=,$LIABILITIES,$\backslash$table$[[+]],\backslash$table$[[$STOCKHOLDERS$\text{'}],[$EQUITY$],[$Common Stock$]],,$Net income,$\backslash$table$[[\backslash$table$[[=],[=]]]],,,],[$Cash$,+,\backslash$table$[[$Accounts$],[$Receivable$]],+,\backslash$table$[[$Merchandise$],[$Inventory$]],+,$Equipment,$=,\backslash$table$[[$Notes$],[$Payable$]],+,\backslash$table$[[$Accounts$],[$Payable$]],,,,],[$a$.,,,?,,-,,,,,,,,,$larr,,,$,,],[$b$.,,,?,,,,,,,,,,,$larr,,,,,$],[$C$.,,,?,,?,,,,,,,,,$larr,,,?,,$],[$d$.,,,?,,$P$,,,,,,,,,$larr,,,$,,],[$e$.,,,,,,,,,,,,,,,,*,,,],[$e$.,,,,,,,,,,,,,,,,,,,],[$f$.,,,,,,,,,,,,,,$larr,,,,,$],[$g$.,,,,,,,,,,,,,,,,,,,],[$h$.,,,,,,,,,,,,,,$larr,,,,,$],[$i$.,,,,,,,,,,,,,,$larr,,,,,$],[$j$.,,,,,,,,,,,,,,$larr,,,,,$],[$k$.,,,,,,,,,,,,,,$larr,,,,,$],[$I$.,,,,,,,,,,,,,,$larr,,,,,$],[,0,+,0,+,0,+,0,=,0,+,0,+,0,$larr,$0,=,0,-,0]]$ Prepare the journal entry for the above transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

Issued $220,000$ shares of $$7-$par$-$value common stock for $$1,540,000$ in cash.

Note: Enter debits before credits.