please make the journal entry of this.

Notes for Journal Entries:

1. Kuechly uses periodic inventory system and LIFO
2. All credit sales discounts are recorded using the net method customers receive a 3 percent discount if they pay within 30 days.
3. Purchase discounts are recorded using the net method
4. All depreciation is straight line.

Additional Information for Journal Entries

Kuechly records accruals for utilities expense as an adjusting journal entry at the end of each year. They pay utilities once a year on January 31^st for the prior year. NOTE: There is no payment for utilities on January 31^st of 2020 because January 1 of 2020 is the first day of operations.

January 1 Sold 10,000 shares of common stock for $95 per share.

Borrowed $2,000,000 at 8 percent with interest payable semi-annually (on July 1 and January 1).

Purchased 1,000 units of inventory at $150 a piece on credit from Biggie Smalls Inc. Terms are 2/10; n/60

Paid $480,000 for 2 years of rent in advance

Purchased office supplies costing $10,000 with cash

Jan 20 Paid Biggie full amount owed

Feb 10 Sold inventory with a list price of $22,000 to M Jagger on credit.

Made cash sales of $30,000.

Feb 20 Accepted a sales return from M Jagger for half of the inventory purchased (i.e., list price of

$11,000); And M Jagger paid for the remainder in cash.

March 15 Bought 1,000 units of inventory at $170 from Wolfpack Corporation with cash

March 30 Returned 100 units of inventory to Wolfpack Corporation for cash

April 30 Made cash sales of $30,000

June 30 Purchased land and a building. A $200,000 cash down payment was required and a $800,000 note was accepted by the seller for the balance (12 percent interest payable each year on June 30). The fair value of the land at the date of purchase was deemed to be 300,000 and the fair value of the building was 900,000. The building has an estimated residual value of $0 and a useful life of 30 years.

September 1 Kuechly began subleasing extra space to DJ Moore. DJ Moore paid for $60,000 for six months rent in advance.

October 1 Purchased equipment for in exchange for a $30,000 non-interest bearing note due in one year. The equipment has an estimated residual value of $2,000 and a useful life of 8 years. Note: Assume an effective interest rate of 8 percent.

October 1 Purchased one year of insurance in advance for $12,000

October 14 Sold inventory to H Gilmore for $100,000 on credit

October 30 H Gilmore paid half of the amount owed

Dec 1 Repurchased 1,000 shares of stock for $120/share

Dec 15 Declared a dividend of $2/share. The dividend will be distributed to shareholders on January 19, 2019.

Dec 15 H Gilmore went bankrupt so Kuechly wrote off the balance owed by H Gilmore as uncollectible (hint: Directly write-off this Account since no allowance has been made yet).

Dec 20 Purchased office supplies for $13,000 in cash.

Dec 25 Sold Inventory to J Lennon for $30,000 on Credit

Dec 31 Sold Inventory for $200,000 in cash