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

Issued $220,000$ shares of $$6-$par$-$value common stock for $$1,320,000$ in cash.

Borrowed $$560,000$ from Oglesby National Bank and signed a $12\%$ note due in three years.

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

Purchased $$730,000$ of merchandise inventory on account during the year.

Sold inventory costing $$660,000$ for a total of $$970,000,$ all on credit.

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

Purchased $$160,000$ of store equipment, paying $$53,000$ in cash and agreeing to pay the difference within $90$ days.

Paid the entire $$107,000$ owed for store equipment and $$630,000$ of the amount due to suppliers for credit purchases previously recorded.

Incurred and paid utilities expense of $$45,000$ during the year.

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

At year$-$end, accrued $$67,200$ 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.