NOT to use Inventory in any of these entries.

their should be both Purchase Returns and Purchase Discounts.

last picture are the account that can be used.

The following transactions took place during the month of December, 2020: Dec. 1 Paid $9,000 to cover rent for December, January, February, and March. 2 Paid an annual premium of $7,800 for business insurance. 3 Received $17,550 from a customer to satisfy a balance from sales in September. 3 Paid $26,500 for display cases and other store fixtures. 5 Borrowed $20,000 from the bank, signing a 3-year, 5.6% promissory note. 7 Purchased $45,000 of merchandise from Jonas Company with terms 2/10, n/30. 9 Purchased merchandise for $26,850 cash. 10 Returned damaged merchandise to Jonas Company; received credit for $18,000. Investors paid a total of $30,000 to purchase 20,000 shares of the company's $.60 par value common stock. 10 10 Sold merchandise to S.J. Reynolds on account, $27,850 with terms 2/10, net/30. 12 Received and paid telephone bill in the amount of $565 for December service. 13 Completed a $8,650 credit sale to Thomas Martin with terms 1/10, n/30. 14 Paid the balance due to Jonas Company. 15 Received $1,500 of merchandise returned by Thomas Martin. 16 Purchased $16,000 of merchandise from Troy Company with terms 1/10, n/30. 18 A company that owed us $1,250 filed bankruptcy. The account was written off. 19 Bought $575 of supplies on account. Sold merchandise on account to Sarah Jackson for $24,000, terms 2/15, n/30. 20 20 Received payment in full from Thomas Martin. 24 Received a $425 bill for electricity used in December. 28 Received a check from S.J. Reynolds for payment in full. 28 Recorded cash sales for December totaling $42,650. 29 Paid half of the amount owed to Troy Company. Fix-It declared and paid a $.18 per share cash dividend. (One simple entry) 31 Fix-It, Inc. General Journal Page 1 Dec 2020 Post Ref. Debit Credit Cash Accounts Receivable Allowance for Bad Debts Office Supplies Prepaid Insurance Prepaid Rent Inventory Store Fixtures Accounts Payable Notes Payable Common Stock Additional Paid in Capital Dividends Retained Earnings Sales Sales Discounts Sales Returns Utilities Expense Purchases Purchase Returns Purchase Discounts