RECORD JOURNAL ENTRIES FOR THE TRANSACTIONS. BE SURE TO ENTER THE TRANSACTIONS IN PROPER JOURNAL FORM; THIS MEANS THAT THEY MUST BE NUMBERED AND DATED, AND INCLUDE A DESCRIPTION.

1) 1/2/2020 ISSUED COMMON STOCK FOR CASH IN THE AMOUNT OF $500,000.

2) 1/2/2020 PAID JANUARY RENT IN THE AMOUNT OF $3,000.

3) 1/3/2020 PURCHASED INVENTORY OF $500,000 ON ACCOUNT.

4) 1/5/2020 RECEIVED CASH IN THE AMOUNT OF $75,000 FOR SERVICES TO BE PERFORMED IN FEBRUARY.

5) 1/6/2020 SOLD WIDGETS ON ACCOUNT FOR $200,000.THE WIDGET COSTS WERE 50% OF SALES.

6) 1/10/2020 SOLD WIDGETS FOR CASH IN THE AMOUNT OF $300,000. THE WIDGETS COST $150,000.

7) 1/15/2020 SIGNED A NOTE PAYABLE AND RECEIVED CASH OF $200,000. THE NOTE WAS DUE AT THE END OF THE YEAR. INTEREST RATE WAS 10%.

8) 1/16/2020 PAID SALARIES OWED THROUGH JANUARY 15 IN THE AMOUNT OF $30,000.

9) 1/31/2020 THE BEGINNING BALANCE OF PREPAID EXPENSES REPRESENTS SIX MONTHS OF INSURANCE EXPENSE RECORD THE EXPENSE FOR THE MONTH OF JANUARY (SEE THE BEGINNING BALANCE).

10) 1/31/2020 RECEIVED A UTILITY BILL FOR JANUARY IN THE AMOUNT OF $1,500. IT WILL BE PAID IN FEBRUARY.

11) 1/31/2020 SALARIES OWED FOR THE SECOND HALF OF JANUARY WILL BE PAID FEBRUARY 1 AMOUNT OWED $30,000.

12) 1/31/2020 SUPPLIES ON HAND was DETERMINED TO BE $7,500 AFTER COUNTING, ADJUST BALANCE. (SEE THE BEGINNING BALANCE)

13) 1/31/2020 COLLECTED ACCOUNTS RECEIVABLE FOR FOR $575,000.

14) 1/31/2020 INTEREST PAYMENTS ON THE NOTES PAYABLE WERE DUE JANUARY 31 BUT WILL NOT BE PAID UNTIL FEBRUARY. THE RATE IS 12% ON EXISTING LOANS. THE RATE IS 10% FOR THE $200,000 LOAN RECEIVED IN JANUARY. THE 1/2 MONTH WAS DUE. (SEE THE BEGINNING BALANCE)

15) 1/31/2020 MADE A $400,000 PAYMENT ON ACCOUNT.

16) 1/31/2020 PAID DIVIDENDS OS $5,000. (DEBIT RETAINED EARNINGS-DIVIDENDS ARE NOT AN EXPENSE.

17) 1/31/2020 BORROWED $150,000 FROM THE BANK TO PURCHASE EQUIPMENT. (CASH DID NOT TRADE HANDS)

18) 1/31/2020 INTEREST INCOME WAS EARNED ON THE NOTE RECEIVABLE FOR THE MONTH OF JANUARY. AS OF JANUARY 31, IT HAD NOT BEEN COLLECTED. THE INTEREST RATE IS 12%.

19) 1/31/2020 THE BEGINNING BALANCE OF UNEARNED REVENUE REPRESENTS SERVICES TO BE PERFORMED OVER SIX MONTHS. ONE MONTH OF THE SERVICES WAS PROVIDED IN JANUARY.

20) 1/31/2020 SERVICES OF $100,000 PERFORMED IN JANUARY HAD NOT YET BEEN RECORDED.

21) 1/31/2020 THE EQUIPMENT IS BEING DEPRECIATED OVER 5 YEARS RECORD ONE MONTH EXPENSE

22) 1/1/2020 PREPARE CLOSING ENTRIES