Journalizing (36 points) Borgen Inc. had the following business events over the fourth quarter. Make the appropriate journal entries: 10/6: Received $80,000 for work to be performed over the next 9 months. 10/22: Sold $20,000 worth of goods on account for $50,000 on terms of 2/10, n/30. Borgen uses the net method 10/24: Paid $40,000 for bonds with a face value of $38,000 11/2: Repurchased $15,000 worth of Borgen stock 11/18: Wrote off $2,000 worth of uncollectible accounts 11/20: Collected the $50,000 owed from 10/22 12/7: Purchased $20,000 worth of inventory on account on terms 1/15, n/30. Borgen uses the net method 12/18: Paid a dividend of $80,000 to shareholders 12/22: Sold equipment with a book value of $45,000 for $38,000 in cash. The equipment originally cost $100,000. 12/29: Paid for the inventory purchased on 12/7 12/31: Expected uncollectible accounts for the year upcoming total $5,000. The current balance in the allowance for doubtful accounts is a $500 debit 12/31: Adjusted existing trading securities to their fair value. The securities had unrealized losses of $3,000 for the quarter 12/31: Assets depreciated $12,000 for the quarter 12/31: Did the requisite work to earn $25,000 of the money received on 10/6 12/31: Have $18,000 of salaries owed to employees which have to be paid on 1/5