Use the horizontal model. or write the Journal entry. for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co.

a. Issued 100.000 shares of $5-par-value common stock for 3500.000 in cash.

b. Borrowed $250,000 Stem Oglesby National Bank and signed a t2% not* duo in three years.

c. Incurred and paid $190,000 in salaries for the year.

d. Purchased 5320.000 of merchandise inventory on account during the year.

e. Sold inventory costing $290,000 for a total of $455.000 all on credit

f. Paid rent of 355.000 on the sales facilities during the first 11 months of the year.

g. Purchased 375.000 of store equipment paying 325.000 in cash and agreeing to pay the cflference within 90 days.

h. Paid the entire $50.000 owed for store equipment and $310.000 of the amount due to suppliers for treat purchases previously recorded.

I. Incurred and paid aisles expense of $18.000 during the year.

J. Collected $412,000 in cash from custornors during the year for credit sales previously recorded.

K. At yoar-and, accrued $30.000 of interest on the note due to Oglesby National Bank

L. At yearend. Accrued $5,000 of past. Due December rent on the sales facilities.

Required:

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SNo Balance sheet Income Statement Assets Liabilities Stockholders Equity Net inco... View the full answer