X. Backer withdrew $4,000.

Journal the entry.

6 More Info checking account at Coronado National Bank and deposited the cash received from the owner Paid $56,000 cash for a AAA franchise Paid $135,000 cash and issued a $450,000, 10-year 6% notes payable for land with an existing building. The assets had the following market values: Land, $80,000; Building $505,000 b. c. d. Paid $120,000 for store fixtures e. Paid $60,000 for office equipment. f. Paid $1,500 for office supplies g. Paid $2,800 for a two-year insurance policy h. Purchased appliances from AAA (merchandise inventory) on account for $415,000 i. Established a petty cash fund for $280 j. Sold appliances on account to XYZ Contractors for $210,000, terms n/30 (cost, $84,000). k. Sold appliances to Linden Contracting for $200,000 (cost, $85,000), receiving a 6-month 12% note l. Recorded credit card sales of $85,000 (cost $37,000), net of processor fee of 3% m. Received payment in full from XYZ Contractors n. Purchased appliances from AAA on account for $660,000 o. Made payment on account to AAA, $280,000 p. Sold appliances for cash to CB Home Builders for $390,000 (cost, $191,000) q. Received payment in full on the maturity date from Linden Contracting for the note r. Sold appliances to Jeard Contracting for $220,000 (cost, $112,000), receiving a 9-month 12% note Made payment on account to AAA, $510,000 Sold appliances on account to various businesses for $1,030,000, terms n/30 (cost, $412,000) s. t. u. Collected $750,000 cash on account. v. Paid cash for expenses: Salaries, $150,000; Utilities, $14,000 w. Replenished the petty cash fund when the fund had $62 in cash and petty cash tickets for $207 for office supplies Backer withdrew $4,000 Paid the franchise fee to AAA of 4% of total sales of $2,135,000 x. y. Print Done