Krusty Krab Inc. started business on January 1, 2022.

Record the required journal entry (F-I) or adjusting journal entry (J,K) for each of the following events which happened during 2022. If no entry is required, please state so and very briefly explain why.

F) Customers paid $23,000 in advance payments for goods that will be delivered later.

G) Equipment that cost $120,000 was purchased on October 1 for $20,000 cash plus a two-year, 10% note with a principal amount of $800,000.

H) Wages totaling $42,000 were paid to employees during the year.

I) The board of directors declared dividends of $10,000 in December 2022, to be paid in January 2021.

J) Recorded the insurance expense for the year.

K) The depreciation expense for the equipment purchased (in item G) on October 1, 2022, was calculated to be $1,000.