Problem 3.1 Prepare journal entries for the following independent transactions: a) Issued common stock in exchange for $500,000. b) Paid monthly office rent for the past month at the end of the month of $15,000. c) Purchased a building for $2,500,000, paying $1,000,000 cash and signing a note payable for the balance. d) Purchased office supplies for $3,000 on account. e) Used office supplies that had previously cost $2,000. 1) Declared a cash dividend of $15,000, payable next month. 8) Paid a previously declared cash dividend of $20,000. h) Billed clients $50,000 for services performed. i) Paid and recorded salaries for a month of $22,000. 1) Collected $25,000 on account from clients. k) Paid $20,000 on account to suppliers. preber 1, ZUXI? E3.9 ABC Co. performed client services during July 20X1 for which the fees were $40,000. These fees had not been collected or billed as of July 31, 20X1. Assuming ABC Co, prepares adjusting! entries monthly, what adjusting entry is needed on July 31, 20X1? E311 The May 31, 20X1 unadjusted trial balance of ABC Co. included the following account balances among others: Office supplies .... $11,000 Income tax expense $85,000 A count of office supplies on May 31, 20X1 showed office supplies on hand of $5,000. Income taxes through May 31, 20X1 were determined to be $112,000. Prepare any adjusting entries necessary as of May 31, 20X1