Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2017.

Prepare journal entries for the above transactions.

1.Credit sales for the year amounted to $312,000. The cost of goods sold was $202,800.

2.Collected accounts receivable, $327,600.

3.Purchased inventory on account, $218,400.

4.Issued 650 shares of common stock for $23 per share.

5.Wrote off $9,100 of uncollectible accounts using the allowance for bad debts.

6.Declared and paid a cash dividend, $26,000.

7.Sold marketable securities costing $33,800 for $40,300 in cash.

8.Recorded insurance expense for the year, $15,600. The premium for the policy was paid in June 2016.

9.Borrowed cash on a short-term bank loan, $13,000.

10.Repaid principal of $52,000 and interest of $3,900 on a long-term bank loan.