The Winchester Company began business in September 2020. During September, the following transactions occurred:

Sept. 1 Issued common stock in exchange for $1,000,000 cash.

2 Purchased inventory for $80,000 from the Singer Company. Half was paid

in cash, and half was on account.

4 Paid the companys landlord $24,000 for rent for Sept 2020 Sept 2021.

10 Sold merchandise on account for $110,000. The cost of the

merchandise was $65,000.

15 Borrowed $ 80,000 from a local bank and signed a note. Principal and interest at 12% is to be repaid in one year.

20 Paid employees $15,000 salaries and wages for the first half of the month (Sept 1 Sept 15).

24 Paid Singer Company for the inventory purchased on account on Sept. 2

26 Collected $60,000 on account from customers.

28 Paid various utility bills of $1,500 for the month of Sept.

30 Paid $8,000 in insurance for the period Sept. 1, 2020 to December 31, 2020.

Prepare general journal entries to record each transaction.