Prepare journal entries for each transaction, this is a different question than the others that are posted. Please do not copy and paste from another since there are transactions that differ.

1. On January 5,sell merchandise on account to Raymundo$9,600 and Ryan $8,800.

2. On January 6 purchase merchandise on account from Zapo$3,000 and Lion $2,400.

3. On January 7, Receive checks, $4,000 from Sherry and $2,000 from James, for sales on account.

4. On January 10, send checks to Luke for 9,000 and to Luz for $11,000 for merchandise purchased last year.

5. On January 11,issue credit of $400 to Johnson for merchandise returned.

6. On January 18, pay off the balances to Zapo and Lion for the purchases on January 12.

7. Summary monthly cash sales (for January) total $15,500.

8. On Feburary 19, receive payment in full from Raymundo and Ryan.

9. On March 1, pay rent of $6,000 for a two-year term, effective on the day of purchase.

10. On April 1, sell merchandise on account to Dunlap $1,600.

11. On May 1, pay $400 cash for office supplies. All supplies are expensed right away.

12. Cash dividends totaling $800 are declared and paid on June 15.

13. On July 1, wrote a note to bank and borrowed $120,000 (one year, annual interest rate 3%) .

14. On July 3, purchase merchandise from Luz for $33,000 on account

15. On July 4 issue common stock 1000 shares, $10 par, in exchange of a land with a fair market value of $15,000.

16. On July 5 return $200 of merchandise to Luz and receive credit.

17. On August 1, sell merchandise to Sophia on account for $26,000.

18. On August 3 Pay off the balance to Luz.

19. On August 10, receive half of the payment from Sophia.

20. On August 14, expect $1,300 bad debt from Looney Spaceand directly write it off from accounts receivable

21. On August 30, Pay utitlities expense, $10,902.

Additional Information at the end of the year:

1. Depreciation expense for the year was $14,250.

2. The company estimated that it has to pay federal income tax, $290.

3. The company adopts the perpetual inventory system and cost of goods sold is half of the selling price before discount.

4. On December 31, An unpaid utilities bill (December, $1,250) is due on January 10 next year.