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need help practicing transactions. September 1 Issued 20,000 shares of $1 par Common Stock in exchange for $100,000. 1 Paid an insurance company $2400 for

need help practicing transactions. image text in transcribed
September 1 Issued 20,000 shares of $1 par Common Stock in exchange for $100,000. 1 Paid an insurance company $2400 for a one year policy. 3 Purchased inventory on account for $35,000 using perpetual system. 10 Sold merchandise on account for $12,000. Original cost was $7000. 15 Borrowed $30,000 from a local bank and signed a 10%, 6-month note. The principal and interest will both be paid on the maturity date of the note. 20 Paid employees $6000 for wages for the first half of the month. 22 Sold merchandise for $10,000 cash. Original cost was $6000. 24 Paid $15,000 to suppliers for merchandise purchased on September 2. 26 Collected $6000 on account from customers. 28 Paid $1000 to local utility for gas and electric. 30 Paid $4000 rent for building, $2000 was for September, $2000 for October 30 Interest on the 6-month note is accrued. 30 Wages for the second half of the month of $6000 will be paid on 10/5. 30 One month of the insurance policy has been used and needs to be recorded. 30 One month of depreciation of $7500 on equipment must be recorded. 30 The Supplies account had a beginning balance of $800. No supplies were purchased during the month, and the ending balance in the Supplies account is $500

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