prepare and post the complete general journal entries for the following transactions to the general journal and also to each individual general ledger account

a.

Be sure to update the account Balance column mathematically after each posting

b.

Do not prepare any adjusting journal entries

c.

Do not prepare any journal entries for the interest expense related to the notes payable

Thank you!!!

1. January 2 The Company received cash in exchange for issuing 40 shares of common stock at $100 par value 2. January 2 The Company bought equipment costing $50,000 with an estimated useful life of 5 years, paying cash of $10,000 and financed the balance with note payable with interest at the rate of 10% per annum. The entire principal balance plus interest is due and payable December 31. There is no salvage value to the equipment 3, March 1-The Company established a Line of Credit in the amount of $500,000 with an interest rate of 12% per annum. 4. April 3- The Company received cash in exchange for issuing 10 shares of preferred stock at $100 par value 5. June 6- The Company purchased Merchandise Inventory for cash in the amount of $75,000 6. July 5- The Company purchased a building for $2,400,000 and land for $600,000 paying cash of $1,500,000 and signing a long-term mortgage in the amount of $1,500,000 7. August 9 - The Company billed a customer (ACE) $190,000 for services it provided in August. ACE must pay the Company within 30 days. 8. August 31 - The Company received an invoice in the mail from e-Bay for advertisements it ran in August amounting to $3,000. The invoice must be paid within 30 days. 9. September 4 - The Company received a check in the mail from ACE for $190,000. 10. September 27 - The Company paid the invoice for the advertising it ran on e-Bay in August. 11. October 1- The Company paid cash for the following items. Rent expense $10,000 for the next 10 months. Insurance expense $10,000 for the next 10 months. Travel Expenses - $4,000 Commission Expense $4,000 Office Expense - $2,000. Utilities Expense - $10,000 12. November 18- The Company received $500,000 cash from ACE for services to be rendered by the Company in January 13. December 10 14. December 24 - The Company paid a cash dividend of $40,000. of next year The Company paid payroll expense in the amount of $200,000 and payroll taxes in the amount of $40,000; all in cash