RECORD THE FOLLOWING TRANSACTION ON THE TRANSACTION DATE AND ON DEC. 31ST 2008. (Accounting Year 1st January – 31st December)

1. Borrowed $40,000 from a bank on June 30th. The 5-year loan carried a 10% interest rate.
2. Invested $50,000 in a certificate of deposit on March 1st. The certificate carried an interest rate of 12%.
3. Received $50,000 in advance on September 30th, for services to be performed over the next 12 months.
4. Paid $20,000 in advance for leasing a new building on April 1st. The building was leased for 1 year.
5. Received $80,000 in advance on June 1st for services to be provided over the next 12 months.
6. Received $90,000 in advance on July1st for services to be provided over the next 1 year.
7. Paid $24,000 in advance on March 31st for renting the factory building for 1 year.
8. Paid $18,000 in advance on July 1st for renting another factory building for 12 months.
9. Sold goods costing $40,000 for $56,000 on account.
10. Purchased goods costing $50,000 on account.
11. Out of the goods of $50,000 only goods worth $12,000 were remaining in the business.
12. Issued a 3 year Notes Payable worth $10,000 on Sep. 1st. The note carried an interest rate of 12%
13. Gave an advance of $25,000 to an employee on March 1st, at an interest rate of 10%.
14. Borrowed a $1,00,000, 5% Notes Payable from the bank for 6 years. (Assume that it was borrowed on January 1st)
15. Sold goods worth $27,000 for cash. The cost of those goods to us was $18,000. We also collected accounts receivables worth $50,000.
16. Collected Accounts receivables for $10,000. Paid of accounts payables worth $18,000.
17. The owners invested $50,000 in the company. The company paid dividends worth $10,000
18. The owners withdrew $5000 from the company.
19. The company issued 2000 common shares. The shares had a face value of $10 and they were issued in the market for $45.
20. The company paid a cash dividend of $2,000.