Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were as follows: Jan. 3. Issued a check to establish a petty cash fund of $4,500. Feb. 26. Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, 1,680 miscellaneous selling expense, $570;miscellaneous administrative expense, $880. Apr. 14. Purchased $31,300 of merchandise on account terms 1/10, n/30. The perpetual inventory system is used to account for inventory Paid the invoice of April 14 after the discount period had passed. Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. May 13. 17. June 2. Received a 60-day, 8% note for $180,000 on the Ryanair account. Aug. . Received amount owed on June 2 note, plus interest at the maturity date Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receiv- able balance. (The allowance method is used in accounting for uncollectible receivables) 24. Sept. 15. Reinstatedthe Finley account written off on August 24 and received $1,400 cash in full payment 15. Purchased land by issuing a $670,000, day note to Zahorik Co, which discounted it at 996. 17. Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 996 note. The Oct. equipment had a cost of $320,000 and accumulated depredation of $64,000 as of October 17 Nov. 30. Journalized the monthly payroll for November, based on the following data: Sales salaries Office salaries $39,266 12,735 3,184 135,000 Income tax withheld 77,250 Social security tax withheld 212250Medicare tax withheld