Recording Transactions Tellico Co. began operations on January 20th by issuing 4,800 shares of $1 Par Value Common Stock at $44 per share for cash. During January, the following additional transactions were 1 Transaction Date Jan. 20 Issued 4,800 shares of $1 Par Value Common Stock for $44 per share for cash Purchased Advertising for $2,200 cash. Jan. 22 Jan 22 Jan. 28 Jan. 28 Purchased 6,000 units of Merchandise Inventory @S22 per unit, paid $20,000 cash Purchased Land for $92,000 cash. Purchased Equipment for $40,000, paid $20,000 cash issued Note Payable for balance Jan. 28 Paid $20,000 of amount due for purchase of Merchandise Inventory Jan. 28 Sold 4,800 units @S46 on account. Jan. 29 Received $40,000 payment from customers Jan. 29 Purchased Building for $60,000, issued a note payable Jan. 30 Received bill for Utilities, $4.,240 Jan. 30 Wages earned by employees $68,000 Jan. 30 Received S112,000 payment from customers. Jan. 30 Paid $84,000 of amount due for purchase of Merchandise Inventory Jan. 31 Income Taxes due for January, $16,304 Required: 1. 2. Show the effects of the above transactions on Assets, Liabilities and Ownes Equity. Include the effects on individual accounts (Expanded Accounting Equation) Record journal entries in the General Journal for the above transactions. Post the journal entries to the General Ledger accounts, calculate ending balances. Prepare TAccounts to record the above transactions, include ending balances. Prepare the following: 3. a. b. C. d. Trial Balance Balance Sheet. Income Statement. Closing Entries