Transactions during 2024 follow: a. Sold 10,000 additional shares of capital stock for cash at $0.50...

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Transactions during 2024 follow: a. Sold 10,000 additional shares of capital stock for cash at $0.50 market value per share at the beginning of the year. b. Borrowed $20,000 cash on July 1, 2024, signing a one-year, 10 percent note payable. c. Purchased equipment for $18,000 cash on July 1, 2024. d. Earned $70,000 in revenues for 2024, including $14,000 on credit and the rest in cash. e. Incurred $27,000 in wages expense and $8,000 in miscellaneous expenses for 2024, with $7,000 on credit and the rest paid with cash. f. Purchased additional small tools, $3,000 cash. g. Collected accounts receivable, $8,000. h. Paid accounts payable, $11,000. i. Purchased $10,000 of supplies on account. j. Declared a cash dividend on December 1, $10,000. k. Received a $3,000 deposit on work to start January 15, 2025. 1. Paid the dividends in (j) on December 31. Data for adjusting entries: m. Supplies of $4,000 and small tools of $8,000 were counted on December 31, 2024 (debit Miscellaneous Expenses). n. Depreciation for 2024, $2,000. o. Interest accrued on notes payable (to be computed). p. Wages earned since the December 24 payroll but not yet paid, $3,000. q. Income tax expense was $4,000, payable in 2025. Transactions during 2024 follow: a. Sold 10,000 additional shares of capital stock for cash at $0.50 market value per share at the beginning of the year. b. Borrowed $20,000 cash on July 1, 2024, signing a one-year, 10 percent note payable. c. Purchased equipment for $18,000 cash on July 1, 2024. d. Earned $70,000 in revenues for 2024, including $14,000 on credit and the rest in cash. e. Incurred $27,000 in wages expense and $8,000 in miscellaneous expenses for 2024, with $7,000 on credit and the rest paid with cash. f. Purchased additional small tools, $3,000 cash. g. Collected accounts receivable, $8,000. h. Paid accounts payable, $11,000. i. Purchased $10,000 of supplies on account. j. Declared a cash dividend on December 1, $10,000. k. Received a $3,000 deposit on work to start January 15, 2025. 1. Paid the dividends in (j) on December 31. Data for adjusting entries: m. Supplies of $4,000 and small tools of $8,000 were counted on December 31, 2024 (debit Miscellaneous Expenses). n. Depreciation for 2024, $2,000. o. Interest accrued on notes payable (to be computed). p. Wages earned since the December 24 payroll but not yet paid, $3,000. q. Income tax expense was $4,000, payable in 2025.