Joe Blink opened Blink Corporations Merchandising business on October 1. Blink applies the perpetual inventory system. Blink

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Joe Blink opened Blink Corporations Merchandising business on October 1. Blink applies the perpetual inventory system. Blink provides a 2-year warranty with one of its products whkh was first sold in October Prepare journal entries to record the following merchandising transactions

Oct. I. Issued 580,000 shares of $5 par value common stock for $65 per share.

1. Paid three months' rent on a lease rental contract. 53,800.

1. Issued 22.500 shares of common stock to attorneys In payment of their bill of $70,000 for services rendered In helping the company organize.

I Purchased office equipment on account from Office Station Co. $8,000.

I. Purchased merchandise form Boden Company for $8,200 under credit terms of 1/1S, n/30, FOB shipping point, invoice dated October 1.

1. Sold merchandise that cost $900 to Rivera Co. for $2,800 under credit terms of 2/10, rt/60 FOB shipping point, Invoice dated October 1.

2. Issued a 4-year, $70,000, zero-Interest-bearing note to Reid Company and received cash of $71,776.

2 Paid 5625 cash for freight charges on the purchase of October 1.

3. Accept a 60-day, 10% note to replace Its existing $1,800 account receivable to Kasten Co on October 1.

4. Established a POSY cash fund 41 the amount of $280.

5. A Paid the premium. on property and casualty insurance policies, $9,400.

6. Purchased toed truck Its S11.000. paying $3,000 cash and the balance on account.

7. sold merchandise to Crete Co lot 5700 under credit terms of 2/10. n/60, Fob shipping point, invoice dated October 7. The merchandise had cost $400.

8. Issued 28,000 shares of $5 par value stock for land valued at $680,000.

9. Purchased merchandise from light Co. for $6,200 under credit terms of 2/15, n/60, FOB destination, invoice dated October 9.