Make a journal entry for each of the following events.

Project Number: T24 Ace is a local company sales computers to schools, municipalities and also provides IT services. During the year, accounting events are the following: .On Jan. 2, On Jan. 14, Ace paid three year rent in advance with a total amount of $102,960 Ace paid out salary owed to employees for the prior year in the amount of 30,000 On Jan. 25, On Feb. 14, notes payable On Feb. 28, the prior year stockholders invested additional $48,000 cash into the company Ace purchased office equipment costing $48,000 by signing a 6-month, 10% Ace performed IT service of $14,400 for a client which was contracted during Ace sold computers and software in the amount of $86,400 on account for .On March 15, $216,000 .On Apr Ace collected cash for inventory previously sold for $248,400 On May 3, Ace purchased Inventory in the amount of $480,000 on account . On May 31, Ace received cash in advance for the maintenance service contract in the amount of $864,000, out of which $648,000 was performed this year On June 4, Ace sold computers and software in the amount of $408,000 on account for $979,200 . .On July 1 Ace partially paid-off inventory purchased on May 3 in the amount of $456,000 .On Aug. 14 Ace paid off the notes payable of $48,000 borrowed on Feb. 14 plus interest .On Sept Ace sold an equipment with original cost of $66,000 and accumulated depreciation of $28,800 for $46,500 On Oct ce renewed the yearly insurance policy for $31,680 which expired on Sept. 30 On Nov.1 Ace collected cash for inventory previously sold for $881,280 On Nov. 15, Ace decided that the bad debt expense for the entire year is $42,000, and wrote off $33,600 from account receivable Over the entire year .Salary and wage expense are $360,000, of which $331,200 was paid Depreciation expense is $14,875 Additional interest expense is $2,000, of which $1,800 was paid Supply expense is $21,120 Income tax expense is $432,000, of which $367,200 was paid .Ace declared and paid cash dividend in the amount of $27,480