Help please With accounting. creat jounal entriy fo these transactiosn, exaplning in great detail debit,credit, reveune, etc Sept $1$

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Common Stock was issued $($sold to investors$)$ for cash $$525,000.$

Sept $1$

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They $($UMPI$,$ Inc.$)$ purchased a magic pencil making machine for $$750,000.$ They paid $$125,000$ in cash and the remainder on account. They

signed an

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interest$-$only note agreement

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with Katahdin Trust Company $($KTC$)$ to pay $8\mathrm{.}5\%$ interest over the next $3$ months. The senior accountant said

not to worry about setting up the equipment$$s depreciation schedule yet. She will take care of that at the month$-$end.

Sept $1$

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They prepaid for $1$ year of insurance for the business by paying $$3,000$ cash. The senior accountant told you that you don$$t need to recognize

any of the costs yet. That will happen when she adjusts the accounts at month$-$end.

Sept $1$

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They paid rent for the whole year. It was $$30,000$ cash. The senior accountant told you that you don$$t need to recognize any of the costs yet.

That will happen when she adjusts the accounts at month$-$end.

Sept $1$

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They purchased $$5,650$ worth of Inventory to be used throughout the next few months building the magic pencils. They put it on their open

trade account with Netherlands Magic Materials Company $($NMMC$).$ The agreement they have with NMMC is that all charges will be paid in full

within $30$ days of receiving inventory.

Sept $2$

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Purchased $$5,250$ worth of office supplies from Ink Jet, Inc. on account. The reason it was so much was because it consisted of $21$ ink

cartridges for the printer. Each one cost $$250$ and UMPI anticipates using one a month.

Sept $4$

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An executive assistant was hired to work under the CEO. He was hired at a salary of $$2,500$ bi$-$weekly. His first pay period falls on the $15$

th

$.$

Sept $5$

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The company made their first sale of $30$ pencils to a retail department store, Mainely Magic $($MM$),$ totaling $$15,000$ on account. MM agreed

to pay UMPI, Inc. within $30$ days of the order, so a bill will be sent out to them shortly. Everyone has their fingers crossed that they will pay early!