Record each of the following transactions or recognitions in T-account format, label the account used, and indicate for each account whether it is an asses (A), liability (L), revenue (R) , expense (E), or owners equity (OE) account. Make only those entries required to record an event or transaction; do not include balances that may exist in the account as a result of earlier entries. Make sure that the sum of your debit entries equals the sum of your credit entries.

1. Company Q sells $4,000 of merchandise to a customer; the merchandise is valued at $3,200.

2. Company Q purchases, on credit, merchandise normally valued at $8,000; because of the size of the order, Qs vendor provides a 5% quantity discount.

3. Company Q pays $600 of accrued interest payable on its bank loan.

4. Company Q receives $300 due in rent for this month from a tenant who rents an office suite in Qs headquarters building.

5. Company Q borrows an additional $10,000 from its bank

6. Company Q pays $1,000 in dividends to its president, the sole owner of the corporation.

7. Company Q scraps merchandise values at $500 because it is obsolete.

8. At year-end, company Q makes profit-sharing payments to its employees totaling $1,700; these profit-sharing obligations were previously accrued to the extent of $1,700.

9. Company Q receives $2,000 from Ms. D in partial payment of the $5,000 that she owes for services rendered in previous accounting periods.

10. Company Q pays $1,500 to company L in partial payment of the $3,500 it owes for services it received from L in previous accounting periods.

11. Company Q pays $5,300 to Centerville Bank: $5,000 repayment of principal on a loan, and $300 interest for the current month.

12. Company Q pays $3,600 in rent on office space: $1,800 for this month, and the same amount for next month.