Use the horizontal model or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 210,000 shares of $5-par-value common stock for $1,050,000 in cash b. Borrowed 5510,000 from Oglesby National Bank and signed a 11% note due in two years c. Incurred and paid $400,000 in salaries for the year. d. Purchased $690,000 of merchandise inventory on account during the year e. Sold inventory costing $640,000 for a total of $930,000, all on credit f. Paid rent of $220.000 on the sales facilities during the first 11 months of the year g. Purchased $170,000 of store equipment, paying $54,000 in cash and agreeing to pay the difference within 90 days h. Paid the entire $116,000 owed for store equipment and $620,000 of the amount due to suppliers for credit purchases previously recorded Lincurred and paid utilities expense of $37.000 during the year J. Collected $855,000 in cash from customers during the year for credit sales previously recorded. k. At year end accrued $56,100 of interest on the note due to Oglesby National Bank 1. At year-end accrued $20,000 of past-due December rent on the sales facilities: Required: a. Record each transaction in the appropriate columns. Indicate the financial statement effect b. Prepare the journal entry for the above transactions. Complete this question by entering your answers in the tobs below. Required A Required B b. Prepare the journal entry for the above transactions Complete this position by entering your answers in the tabs below. Required A Required Record ach transaction in the appropriate columns. Indicate the financial statement effect. (Gritar decrease with a minus sign to indicate a negative financial statement effect) LIABILITIES Norincone Reve Expenses ASSETS Account Receivable STOCKHOLDERS EQUITY Cao Merchandise Inventory went Cash No Payable Aceste Payable . d 1 1 Required) b. Prepare the journal entry for the above transactions Complete this question by entering your answers in the tabs below. Required A Required Prepare the journal entry for the above transactions. (If no entry is required for a transaction/event, select "Na Journal Entry Required In the first account field.) View transaction ist Journal entry worksheet