Problem 4-23 (Algo) Record transactions and adjustments LO 4-2, 4-6, 4-7 Following are the transactions and adjustments that occurred during the firt year of operations at Kissick Company. o. Issued 230.000 shares of $7.par-value common stock for $1.610,000 in cash. b. Borrowed $540,000 from Oglesby National Bank and signed a 12% note due in three years. c. Incurted ond paid $380.000 in salaries for the year. d. Purchased $640,000 of merchandise limentory on account during the year, e. Sold inventory costing $650,000 for a total of $910,000, all on credit. f. Pald rent of $220,000 on the sales facilies during the first 11 months of the year. 9. Purchased $140,000 of store equipment, paylng $55,000 in cash and agreeing to pay the difference within 90 doys. h. Paid the entire $85,000 owed for store equipment and $610,000 of the anount due to suppliers for credit purchases priviously. recorded. 1. Incurred and paid utitities expenise of $46,000 during the year j. Collected $835,000 in cash from customers during the year for credit sales previously recorded k. Al year-end, accrued $64.800 of inferest on the note due to Oglesby National Bank. 1. At year-end, accrued $20,000 of past due December rent on the sales facilities. Required = a. Record each transaction in the approptiate columins. Indicate the financial statement effect. b. Prepare the journal entry for the above transactlons. Recored each transaction in the appeopichate colamns. Indicate the financial statornent effect. Note: Friter decrmases with in miners flign to indicato-a negative finonclal statement effect. Journal entry worksheet 34567813 Issued 230,000 shares of $7-par value common stock for $1,610,000 in cash. Note: Enter debits before rredits