THE FOLLOWING IS THE SET OF TRANSACTIONS FOR THE NEXT FISCAL YEAR (2021).

1.During the year, ASC paid the following to its workers (in cash):

Administrative Salaries to CEO, accountant, etc.. $2,000

Salaries to retail workers $4,000

Please give the journal entry to describe this transaction.

2.During the year, ASC sold 50 Air Abbotts to Dr. Mike McCarthy for $1,500/Air Abbott in CASH. Give the journal entry to describe this transaction.

3.During the year, ASC sold 80 Air Smunts for $2,000/Air Smunt in CASH. Give the journal entry to describe this transaction.

4.During the year, ASC paid CASH the following bills:

Utilities for office building $5,000

Rent for building $2,000

Give the journal entry to describe this transaction.

5.Dr. Paul Fischer pays $20,000 of his account balance. Give the journal entry to describe this transaction.

6.Abbott Shoe Company pays $30,000 cash to its shoe vendor. Give the journal entry to describe this transaction.

7.On 12/15/2021, Abbott Shoe Corporation pays a CASH DIVIDEND of $250,000. The cash dividends are paid to Lawrence Abbott for $125,000, Don Majkowsky for $62,500 and Brett Favreau for $62,500. Please give the journal entry to describe this transaction.

8.Give any adjusting journal entries needed on 12/31/21.

9.Please prepare the CLOSING journal entry for 12/31/21.