Prepare the journal entries on this page.

1. Your Company issued common stock in exchange for $150,000 cash. Record the journal entry. ACCOUNT TITLE DEBIT CREDIT 2. Your Company purchased inventory on account in the amount of $50,000, terms net 30. Your Company uses the perpetual method for accounting for inventory. Record the journal entry. GENERAL ACCOUNT TITLE DEBIT CREDIT Your Company sold some of the inventory for cash in the amount of $100,000 that cost $25,000. Record the journal entry 3. GENERAL DEBIT T CREDIT ACCOUNT TITLE 4. Your Company estimated that the income tax expense for the period was $15,000 and accrued that amount as a liability, Record the journal entry GENERAL ACCOUNT TITLE CREDIT