Journal Entries

Account Name Debit Credit

Inventory $ $9,750,000$

Accounts Payable $ $9,750,000$

Rent Expense $*$ $ $63,000$

Cash $*$ $ $63,000$

Accounts Payable $ $9,750,000$

Cash $ $9,555,000$

Inventory $ $195,000$

Prepaid Insurance $ $20,000$

Cash $ $20,000$

Inventory $ $12,134,000($$$12,125,000+$ $$9$k shipping$)$

Accounts Payable $ $12,134,000$

Cash $ $5,367,000$

Sales Revenue $ $45,421,000$

Accounts Receivable $ $40,054,000$

Cost of Goods Sold $ $13,250,000$

Inventory $ $13,250,000$

Accounts Payable $ $12,134,000$

Cash $ $12,134,000$

Patents $ $90,000$

Cash $ $90,000$

Cash $ $650,620$

Common Stock $$10,460$ $ $10,460$

Additional Paid$-$In Capital $ $640,160$

Land $ $124,600$

Cash $ $124,600$

Notes Receivable $ $200,000$

Cash $ $200,000$

Accounts Receivable $ $20,000,000$

Sales Revenue $ $20,000,000$

Cost of Goods Sold $ $6,350,000$

Inventory $ $6,350,000$

Machinery $ $895,280$

Cash $ $895,280$

Cash $ $43,758,000$

Accounts Receivable $ $43,758,000$

Cash $ $10,000$

Accumulated Depreciation $($equipment$)$ $ $38,000$

Loss on Sale $ $7,000$

Equipment $ $55,000$

Income Tax Expense $ $2,000,000$

Cash $ $2,000,000$

Salary and Wages Expense $ $43,750$

Cash $ $43,750$

Bad Debt $ $3,000$

Accounts Receivable $ $3,000$

Cash Dividend $ $8,000$

Cash $ $8,000$

Please post these journal entries to the appropriate T accounts. The T accounts are as follows.

General Ledger

$100-$ Cash $110-$ Accounts Receivable $115-$ Allowance For Bad Debts

$1/1/2023451,000,0001/1/202333,000,0001,240,0001/1/2023$

$120-$ Inventory $130-$ Notes Receivable $135-$ Accumulated Depreciation

$1/1/202312,345,0001/1/2023-72,422,0001/1/2023$

$140-$ Equipment $160-$ Buildings $170-$ Land

$1/1/202355,000,0001/1/202331,000,0001/1/202322,567,000$

$180-$ Patents $185-$ Accumulated Amortization $190-$ Interest Receivable

$1/1/202380,00050,0001/1/20231/1/2023$

$195-$ Prepaid Insurance Expense $200-$ Accounts Payable $205-$ Unearned Rent Revenue

$1/1/2023-70,050,0001/1/2023-1/1/2023$

$300-$ Common Stock $310-$ APIC $340-$ Retained Earnings

$120,000,0001/1/2023267,000,0001/1/202374,230,0001/1/2023$

$400-$ Sales Revenue $410-$ Interest Revenue $405-$ Rent Revenue

$-1/1/2023-1/1/2023-$

$600-$ Dividends $415-$Loss on Sale of Equipment $500-$ Cost of Goods Sold

$1/1/20231/1/20231/1/20231/1/2023$

$510-$ Depreciation Expense $518-$ Amortization Expense $520-$ Bad Debt Expense

$1/1/20231/1/20231/1/2023$

$560-$ Insurance Expense $599-$ Income Tax Expense $540-$ Salaries & Wage Expense

$1/1/20231/1/20231/1/2023$