Prepare Journal Entries for the following transactions

1.

Issued 220,000 shares of $8-par-value common stock for $1,760,000 in cash.

2.

Borrowed $560,000 from Oglesby National Bank and signed a 14% note due in two years.

3.

Incurred and paid $380,000 in salaries for the year.

4.

Purchased $640,000 of merchandise inventory on account during the year.

5.

Record the credit sale of $910,000.

6.

Record the Cost of goods sold for the credit sale.

7.

Paid rent of $110,000 on the sales facilities during the first 11 months of the year.

8.

Purchased $140,000 of store equipment, paying $50,000 in cash and agreeing to pay the difference within 90 days.

9.

Paid the entire $90,000 owed for store equipment, and $610,000 of the amount due to suppliers for credit purchases previously recorded.

10.

Incurred and paid utilities expense of $44,000 during the year.

11.

Collected $875,000 in cash from customers during the year for credit sales previously recorded.

12.

At year-end, accrued $78,400 of interest on the note due to Oglesby National Bank.

13.

At year-end, accrued $10,000 of past-due December rent on the sales facilities.