Woods Company is organized as a corporation and is engaged in retail trade. Woods Company had the following transactions, among others, this month (each transaction was independent of the others):

1. Purchased office equipment on account, $4,700.

2. Received bill from plumbing contractor for repairs performed this month, $225.

3. Sold merchandise from inventory on account, $22,400; cost of merchandise sold was $16,700.

4. Issued 100 shares of company's capital stock for $5,000 cash.

5. Hired clerk to start work the first of next month, salary $560 a month.

6. Collected $26,200 from customers on account.

7. Borrowed $1,000 cash from bank.

8. Ordered a carload of bagged charcoal for sale to customers, $24,000.

9. Recorded $1,400 depreciation and $2,200 expiration of prepaid rent.

10. Recognized $1,500 salary earned this month by Mr. N.A. Woods, president of the company and owner of 75% of the capital stock.

11. Received bills as follows:

For new delivery truck, $19,500.

For a one-month property insurance policy to be effective the first of next month, $1,600.

For this month's telephone service, $85.

These bills will be paid next month. The dealer will not deliver the new truck until it has been paid for.

Prepare journal entries in debit-and-credit form that would be appropriate to record these transactions. Indicate whether the account debited or credited is an income statement (IS) or balance sheet (BS) account; if income statement, whether it is an expense (E) or revenue (R) account; if balance sheet, whether it is an asset (A), liability (L), or owners' equity (OE) account.