For each of the following transactions, prepare journal entries:

a. The company issued common shares for $150,000.

b. The company borrowed $75,000 from a bank.

c. Inventory costing $47,200 was purchased on account.

d. Rented a retail space and paid a damage deposit of $10,000.

e. Received a bill for advertising costs of $3,700 related to the grand opening.

f. Paid employees wages of $16,800.

g. Inventory costing $38,500 was sold for $69,400, half for cash and half on account. 

h. A payment of $41,600 was made on accounts payable.

i. Accounts receivable totalling $21,600 were collected.

j. New equipment costing $120,000 was purchased for cash.

k. The company paid $18,700 on its bank loan, which included $11,100 of interest.

l. The company paid $8,900 for the monthly rent on its retail location.

m. The company’s board declared and paid dividends of $12,200.

n. Paid the advertising bill related to the grand opening (see transaction (e)).