During July 2012, Krogue, Inc., completed the following transactions. Prepare the journal entry for each transaction.
July 2 Received $320,000 for 80,000 shares of capital stock.
4 Purchased $90,000 of equipment, with 75% down and 25% on a note payable.
5 Paid utilities of $2,300 in cash.
9 Sold equipment for $15,000 cash (no gain or loss).
13 Purchased $250,000 of inventory, paying 40% down and 60% on credit.
14 Paid $6,000 cash insurance premium for July.
18 Sold inventory costing $62,000 for $81,000 to customers on account to be paid at a later date.
20 Collected $7,500 from accounts receivable.
24 Sold inventory costing $32,000 for $43,000 to customers for cash.
27 Paid property taxes of $1,200.
30 Paid $150,000 of accounts payable for inventory purchased on July 13.