The following transactions took place during the month of December, 2022 Dec. 1 Paid $7,500 to cover rent for December, January, February, and March. 2 Paid an annual premium of $8,400 for business insurance. 3 Received $16,500 from a customer to satisfy a balance from sales in September. 3 Paid $28.500 for display cases and other store fixtures 5 Borrowed $20,000 from the bank, signing a 3-year, 5.3% promissory note. 7 Purchased $48,000 of merchandise from Gilbert Company with terms 2/10, n/30. Purchased merchandise for $28,000 cash 10 10 Returned damaged merchandise to Gilbert Company; received credit for $17,000. Investors paid a total of $30,000 to purchase 20,000 shares of the company's $.801 par value common stock. Sold merchandise to RJ. Anderson on account, $28,000 with terms 2/10, net/30 Received and paid telephone bill in the amount of $425 for December service. Completed a $9,700 credit sale to Ben Jackson with terms 1/10, n/30 10 12 13 14 Paid the balance due to Gilbert Company. 15. 16 17 Received $2,000 of merchandise returned by Ben Jackson Purchased $18,000 of merchandise from Leo Company with terms 1/10, n/30 A company that owed us $1,100 filed bankruptcy. The account was written off. 19 Bought $580 of supplies on account. Sold merchandise on account to Martha Conner for $26,000, terms 2/15, n/30. 20 20 Received payment in full from Ben Jackson. 24 Received a $385 bill for electricity used in December 28 Received a check from RJ. Anderson for payment in full. 28 Recorded cash sales for December totaling $39,650 29 31 Paid half of the amount owed to Leo Company Improve It declared and paid a $.13 per share cash dividend. (One simple entry General Journal Dec Post 2022 Ref. Debit C