Maple Furniture Company 4. 5. On January 1, Mary Saunders and one of her friends decided to open a furniture store specializing in high quality hardwood products. Mar to manage the business while her friend would be a silent partner. The store quickly developed a solid reputation for its quality products. Use the Q-T sheet for Maple Furniture Company (MFC) to record the following transactions which occurred during the first year of operations. Al are recorded in thousands ($150 is really $150,000). Within the first few days, the following events took place. 1. Mary and her friend invested a total of $150 in MFC. 2. Paid $30 to cover rent of store space for the year. 3. Purchased $400 worth of store equipment paying $300 in cash and signed an interest-free note for the balance. The notes due in two years Purchased inventory for $500 on account. Borrowed S200 from the bank. MFC agreed to pay interest costs of 10% each year based on the outstanding balance throughout the war an repay the principal three years from now. During the year, the following transactions took place. 6. Purchased advertisements in the local newspapers paying $50 cash. 2 Paid Mary and the staff working in the store $200 during the year. 8. Paid $400 in cash for inventory acquired on account. 9. Throughout the year, made $800 of sales on account 10. Collected $760 from customers for sales made on account. 11. Paid the bank $20 interest. 12 A physical count showed that goods valued at $150 remained in the store. 13 The store equipment was expected to last 10 years. 14 Paid a dividend to Mary and her partner in the amount of $40