Mantooth Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions.

$1.$Mantooth Manufacturing Company experienced the following accounting events during its first year of operation.

With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions. Acquired $$50,000$ by issuing common stock. $$50,000$

$2.$ Paid $$8,000$ for the materials used to make its products, all of which were started and completed during the year. $$8,000$

$3.$ Paid salaries of $$4,400$ to selling and administrative employees. $$4,400$

$4.$ Paid wages of $$7,000$ to production workers. $$7,000$

$5.$ Paid $$9,600$ for furniture used in selling and administrative offices. The furniture was acquired on January $1.$ It had a $$1,600$ estimated salvage value and a four$-$year useful life. $$9,600$ $$1,600$

$6.$ Paid $$13,000$ for manufacturing equipment. The equipment was acquired on January $1.$ It had a $$1,000$ estimated salvage value and a three$-$year useful life. $$13,000$ $$1,000$

$7.$ Sold inventory to customers for $$25,000$ that had cost $$14,000$ to make. $$25,000$ $$14,000$