Journal Entries for the following:

1. Merchandise inventory purchased from vendors on account, terms net 45-> $500,500

2. Sales to credit customers on account, terms net 45. The cost of the merchandise inventory sold was $428,000. -> $702,800

3. Cash collections from credit customers -> $575,000

4. Payments of Accounts Payable -> $270,300

5. Payments in cash for Telephone & Utlities Expense -> 18,200

6. Payroll checks written and distributed for salaries & wages -> 76,000

7. Payment in cash for rent expense -> 27,000