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prepare journal entries for the following 1/1 1/1 1/1 1/1 1/1 1/1 1/10 1/15 Issued 200,000 share of $1 par common stock to investors at
prepare journal entries for the following
1/1 1/1 1/1 1/1 1/1 1/1 1/10 1/15 Issued 200,000 share of $1 par common stock to investors at $15 per share Paid monthly rent on computer equipment, $1,500 Issued 20,000 share of $10 par, 10% preferred stock to investors at $25 per share Issued $450,000 in bonds at par value. The bonds have a stated interest rate of 10%, payable semiannually on July 1 and January 1 The estimated useful life and salvage value for the building that was purchased in 2020 was changed. It is now estimated that the building has a remaining life (as of 1/1/2021) of 20 years and a salvage value of $25,000. Purchased a building and land for $810,000. The building has a 25-year expected useful life and a $70,000 expected salvage value. The land is valued at $90,000. Purchased $750 of supplies for cash Purchased inventory on account - 2,500 BANGLES Bracelets for $7.50 each, 2,000 LINKS for $9.25 each and 2,750 CHAINS for $12 each. Made a payment of $370,000 to pay off several Accounts Payable accounts Paid the cash dividend declared in November 2020 Paid $2,200 for a 1-year insurance policy (effective 2/1/2021 - 1/31/2022) Diamond repurchased 18,000 shares of its own common stock to be held as treasury stock. The price paid was $34 per share Paid the interest on the loan from Foley Bank Paid for inventory purchased on 1/15 Purchased $250 of supplies for cash 1/15 1/15 1/31 2/1 2/1 2/2 2/15 2/20 3/2 3/5 3/10 3/12 3/15 3/20 Sold Inventory on account (sold 1800 BANGLES for $15, 1200 LINKS for $19 and 1700 CHAINS for $25) terms 2/10, net 30 Received notice that a customer from 2020 declared bankruptcy and will not be able to pay the remaining balance owed on their bill, $4,700 Sold Inventory on account (sold 50 BANGLES for $15, 100 LINKS for $19 and 750 CHAINS for $25) terms 2/10, net 30 Received payment for the 2/20 transaction Received payment for merchandise sold on 3/5 Paid income taxes owed from the 2020 fiscal year. Purchased inventory on account - 4000 BANGLES Bracelets for $7.75 each, 2000 LINKS for $9.75 each and 3750 CHAINS for $12.25 each. Terms net 30 Signed a 1-year lease for a copy machine. Lease payments are to be made the first day of the month in the amount of $200 Paid for merchandise purchased on 3/20 Made lease payment on copy machine Sold Inventory on account (sold 500 BANGLES for $15, 1,000 LINKS for $19 and 1,750 CHAINS for $25) terms 2/10, net 30 3/25 3/29 4/1 4/2Step by Step Solution
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