I need the Journal Entries for the following Karen and Pat each purchased $10,000 of additional common shares, using their own money Pat and Karen purchased a piece of land during the year for $55,000 The land was purchased with cash The bank loan of $100,000 obtained on Feb 1, 20x3 is still outstanding An additional $20,000 bank loan was taken out on Jan 1, 20x4 Interest payments are due on the 1st of the month Annual interest rate is 9 The loan terms were renegotiated and both loans are due on February 1, 20x6 Inventory of $555,000 was purchased on account The outstanding insurance policy expired June 30, 20x4 The insurance policy was renewed for $4,200 cash The policy takes effect on July 1, 20x4 and expires Dec 31, 20x5 Sales for the year were as follows Cash sales $780,000 Sales on account $405,000 A total of $425,000 of the sales made on account were collected Additional Cash disbursements for the year were as follows Wages and salaries Rent Advertising Miscellaneous expenses Dividends to shareholders Interest on bank loan Payments on other payables accounts Payments on account re purchases of inventory $145,000 154,000 31,000 17,000 100,000 9,900 25,165 387,000 $869,065

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I need the Journal Entries for the following: Karen and Pat each purchased $10,000 of additional common shares, using their own money. Pat and Karen

I need the Journal Entries for the following:

Karen and Pat each purchased $10,000 of additional common shares, using their own money.
Pat and Karen purchased a piece of land during the year for $55,000. The land was purchased with cash.
The bank loan of $100,000 obtained on Feb 1, 20x3 is still outstanding. An additional $20,000 bank loan was taken out on Jan 1, 20x4. Interest payments are due on the 1st of the month. Annual interest rate is 9%. The loan terms were renegotiated and both loans are due on February 1, 20x6.
Inventory of $555,000 was purchased on account.
The outstanding insurance policy expired June 30, 20x4. The insurance policy was renewed for $4,200 cash. The policy takes effect on July 1, 20x4 and expires Dec 31, 20x5.

Sales for the year were as follows: Cash sales - $780,000

Sales on account - $405,000
A total of $425,000 of the sales made on account were collected.
Additional Cash disbursements for the year were as follows:

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Wages and salaries Rent Advertising Miscellaneous expenses Dividends to shareholders Interest on bank loan Payments on other payables accounts Payments on account re: purchases of inventory $145,000 154,000 31,000 17,000 100,000 9,900 25,165 387,000 $869,065