journalize all the entry plz
1. Psang Ltd. operates a retail operation that purchases and sells home furniture products. The company purchases all merchandise inventory on credit and uses a PERPETUAL inventory system. The Accounts Payable account is used for recording inventory purchases only, all other current liabilities are accrued in separate accounts. The main supplier of home furniture to Psang company is Lerwick Store Ltd. and uses PERIODIC inventory system. All sales of Lerwick Store are in account. On December 1, 2017, the ledger of Psang's Ltd. showed Cash 1,850, Inventory 2,150, and Share Capital Ordinary 4,000. The following transactions were completed during December 2017 Dec. 1 Psang Ltd. Purchased chairs for 16,450 on account, F.O.B destination, term 3/15, n/45 from Lerwick Store. However, the cost of the chairs for Lerwick Store was 11,250. Dec. 2 Lerwick Store paid 3,600 for 2-years insurance policy. In addition, purchased a Land by signing 10,000, 6%, 6-month note payable. Dec. 2 Psang Ltd Purchased supplies for 3,500 cash from Best Buy Co. Dec 3 Lerwick Store paid the shipping cost of chairs 250 cash. Dec. 4 Psang Hires 3 employees to start working on 11/12/2017. Each employee is to receive 75 for 5-day workweek. The first payment is to be made on 22/12/2017 Dec. 5 Psang Ltd. Returned chairs for 3.750 that were not according to the specifications. However, the cost of these chairs for Lerwick Store was 2,565. Dec. 7 Psang purchased 100 tables for dining rooms for 200 per table on account, F.O.B shipping point term n/45 from Lerwick Store. The cost per table for Lerwick Store is 140. Dec. 10 Psang paid freight cost 450 on shipping of tables from Lerwick Store. Dec. 14 Psang sold chairs for 2,500 to Mrs. Valerie Fons on account. F.O.B shipping point term 5/15. n/30. The cost of these chairs for Psang Ltd. 1.250. Dec. 16 Psang paid the amount due for the chairs purchased on Dec. 1 for Lerwick Store. Dec 17 Psang purchased Truck for 17.000 cash. Dec 22 Psang paid salary for the employees. Dec. 25 Psang declared and paid 3.000 cash dividends. Dec. 27 Psang Ltd. received the amount due in full from Mrs. Valerie Fons. 1. Psang Ltd. operates a retail operation that purchases and sells home furniture products. The company purchases all merchandise inventory on credit and uses a PERPETUAL inventory system. The Accounts Payable account is used for recording inventory purchases only, all other current liabilities are accrued in separate accounts. The main supplier of home furniture to Psang company is Lerwick Store Ltd. and uses PERIODIC inventory system. All sales of Lerwick Store are in account. On December 1, 2017, the ledger of Psang's Ltd. showed Cash 1,850, Inventory 2,150, and Share Capital Ordinary 4,000. The following transactions were completed during December 2017 Dec. 1 Psang Ltd. Purchased chairs for 16,450 on account, F.O.B destination, term 3/15, n/45 from Lerwick Store. However, the cost of the chairs for Lerwick Store was 11,250. Dec. 2 Lerwick Store paid 3,600 for 2-years insurance policy. In addition, purchased a Land by signing 10,000, 6%, 6-month note payable. Dec. 2 Psang Ltd Purchased supplies for 3,500 cash from Best Buy Co. Dec 3 Lerwick Store paid the shipping cost of chairs 250 cash. Dec. 4 Psang Hires 3 employees to start working on 11/12/2017. Each employee is to receive 75 for 5-day workweek. The first payment is to be made on 22/12/2017 Dec. 5 Psang Ltd. Returned chairs for 3.750 that were not according to the specifications. However, the cost of these chairs for Lerwick Store was 2,565. Dec. 7 Psang purchased 100 tables for dining rooms for 200 per table on account, F.O.B shipping point term n/45 from Lerwick Store. The cost per table for Lerwick Store is 140. Dec. 10 Psang paid freight cost 450 on shipping of tables from Lerwick Store. Dec. 14 Psang sold chairs for 2,500 to Mrs. Valerie Fons on account. F.O.B shipping point term 5/15. n/30. The cost of these chairs for Psang Ltd. 1.250. Dec. 16 Psang paid the amount due for the chairs purchased on Dec. 1 for Lerwick Store. Dec 17 Psang purchased Truck for 17.000 cash. Dec 22 Psang paid salary for the employees. Dec. 25 Psang declared and paid 3.000 cash dividends. Dec. 27 Psang Ltd. received the amount due in full from Mrs. Valerie Fons
