1. Issued 230,000 shares of $7-par-value common stock for $1,610,000 in cash.

2. Borrowed $520,000 from Oglesby National Bank and signed a 11% note due in two years.

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

4. Purchased $740,000 of merchandise inventory on account during the year.

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

6. Paid rent of $110,000 on the sales facilities during the first 11 months of the year.

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

8. Paid the entire $96,000 owed for store equipment and $620,000 of the amount due to suppliers for credit purchases previously recorded.

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

10. Collected $855,000 in cash from customers during the year for credit sales previously recorded.

11. At year-end, accrued $57,200 of interest on the note due to Oglesby National Bank.

12. At year-end, accrued $10,000 of past-due December rent on the sales facilities.

Required Record each transaction in the appropriate columns. (If an transaction/Adjustment are not affecting the balance sheet category or income statment, leave the cells blank. Enter decreases to account balances as as negative.) ASSETS Net incomeRevenue-Expenses EQUITY Common Stock Accounts Merchandise Notes Cash ReceivableInventory EquipmentPayable+ Payable ,610,000 ,610,000 1,610,000+ 1,610,000