Required information

The following is sample list of the Speiran Company's transactions completed during $2019.$ The company's fiscal year

ends on December $31.$

Jan. $8$ Purchased merchandise for resale on account. The invoice amount was $$14,720$; assume a perpetual

inventory system.

$17$ Paid January $8$ invoice.

Apr. $1$ Borrowed $$72,000$ from Lowell Bank for general use; signed a $12-$month, $8\%$ annual interest$-$bearing note

for the money.

May $1$ Rented office space in one of Speiran Company's buildings to another company and collected six months'

rent in advance amounting to $$27,000.$

Required:

Prepare journal entries for each of these transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry

required" in the first account field