Fix my General journal(some might be wrong or do not have to be in it) and trial balance and explain what did i did wrong? Its also says use 2.5% instead of 5% cause its half of it which i didn't get?

Ty Koon, Harry Pitts and Eileen Dover are the founders of Sharpe Incorporated. The charter of the corporation authorized 500,000 shares of $5 par common stock, and 50,000 shares of $40 par, 5%, preferred stock. The company began business on January 1 of the current year.

Selected transactions completed by Sharpe Incorporated during the fiscal year-ending December 31, 2013, are as follows:

Jan 1 Issued 16,000 shares of $5 par common stock at $18, receiving cash.

Jan 1 Issued 7,200 shares of $40 par preferred 5% stock at $42 for cash. The dividends are payable semi-annually.

Jan 31 Purchased a two-year insurance policy for $34,080.

Feb 1 Purchased equipment for $290,000 in exchange for paying $50,000, issuing a $50,000, 180-day, 5% note payable, and issuing 9,500 shares of common stock.

May 1 Purchased 1,200 shares of the companys own common stock at $22 per share.

June 1 Declared a cash dividend at the stated amount on the preferred stock.

June 30 Paid the cash dividend on the preferred stock.

July 1 Issued $1,000,000 of 9-year, 8% bonds with interest payable semiannually. The amount of cash received was $1,092,880.

July 30 Paid the amount due on the note payable signed on February 1.

Aug 1 Sold 450 shares of treasury common stock purchased on May 1 for $26 per share.

Oct 1 Purchased 30,000 of the 100,000 outstanding shares of Precision Corporation for $5.10 per share, plus a $125 commission to the stockbroker.

Oct 16 Sold 250 shares of treasury common stock purchased on May 1 for $20 per share.

Nov. 1 Borrowed $36,000 from Second Bank by issuing a 90-day, 7% note.

Dec 15 Declared a cash dividend at the stated amount to preferred stockholders and $.50 per share on the outstanding common shares. The date of record is December 30, and the dividend is payable January 15, 2014.

Dec 31 Record revenue for the year of $1,975,000, receiving $500,000 in cash with the remainder on account.

Dec 31 Record expenses for the year (one compound entry). All were paid in cash, except for $30,000 on account.

Rent $170,000

Utilities 13,200

Salaries 760,000

Payroll tax expense 45,600

Advertising 120,000

Medical insurance 32,000

Commissions 63,000

Legal and accounting 18,000

Miscellaneous 8,400

Dec. 31 Paid the semiannual interest and amortized the premium on the bonds issued on July 1.

Dec. 31 Received a cash dividend from Precision Corporation of $0.10 per share.

Dec. 31 Precision Corporation reported earnings of $25,000 for the period from October 1 to December 31.

Journal Entries

Date	General Journal	Debit	Credit
Jan.1	Cash (16,000 Shares x $18)	$288,000
	Common Stock (16,000 Shares x Par $5)		$80,000
	Paid in Capital in Excess of Par - Common Stock (Bal.Fig.)		$208,000
Jan.1	Cash (7200 Shares x $42)	$302,400
	Preferred Stock (7200 Shares x Par $40)		$288,000
	Paid in Capital in Excess of Par - Preferred Stock (Bal.Fig.)		$14,400
Jan.31	Prepaid Insurance	$34,080
	Cash		$34,080
Feb.1	Equipment	$290,000
	Cash		$50,000
	Notes Payable		$50,000
	Common Stock (9500 Shares x Par $5)		$47,500
	Paid in Capital in Excess of Par - Common Stock (Bal.Fig.)		$142,500
May.1	Treasury Stock (1200 Shares x $22)	$26,400
	Cash		$26,400
June.1	Retained Earnings (7200*$40*5%)	$14,400
	Preferred Stock Dividend Payable		$14,400
June.30	Preferred Stock Dividend Payable	$14,400
	Cash		$14,400
July.1	Cash	$1,092,880
	Bonds Payable (at face value)		$1,000,000
	Premium on Bonds Payable (Bal. figure)		$92,880
July.30	Notes Payable	$50,000
	Interest Expense (50,000*5%*180/360)	$1,250
	Cash		$51,250
Aug.1	Cash (450 Shares x $26)	$11,700
	Treasury Stock (450 Shares x Cost $22)		$9,900
	Paid in Capital from Treasury Stock (Bal. figure)		$1,800
Oct.1	Equity Investment - Precision Corporation (30000 Shares x $5.10)	$153,000
	Commission Expense	$125
	Cash		$153,125
Oct.16	Cash (250 Shares x $20)	$5,000
	Retained Earnings (Bal. figure)	$500
	Treasury Stock (250 Shares x Cost $22)		$5,500
Nov.1	Cash	$36,000
	Notes Payable		$36,000
Dec.15	Retained Earnings	$26,900
	Preferred Stock Dividend (7200*$40*5%)		$14,400
	Common Stock Dividend (0.50*(16000+9500-1200+450+250)		$12,500
Dec.30	No Entry on record date
Dec.31	Accounts Receivable	$1,475,000
	Cash	$500,000
	Sales Revenue		$1,975,000
Dec.31	Rent	$170,000
	Utilities	$13,200
	Salaries	$760,000
	Payroll tax expense	$45,600
	Advertising	$120,000
	Medican Insurance	$32,000
	Commissions	$63,000
	Legal and accounting	$18,000
	Miscellaneous	$8,400
	Cash		$1,200,200
	Accounts Payable		$30,000
Dec.31	Interest Expense (Bal figure)	$34,840
	Premium on Bonds Payable (92,880/18)	$5,160
	Cash Interest Paid (Face Value 1000,000*8%*1/2 semi annual)		$40,000
Dec.31	Cash	$3,000
	Equity Investment - Precision Corporation (30,000 Shares x $0.10)		$3,000
Dec.31	Equity Investment - Precision Corporation (25,000*30%)	$7,500
	Equity Income - Precision Corporation		$7,500

Trial Balance
December 31, 2013
Account Name	Debit	Credit
Cash (Wrong)	669,525
Account Recaivable	1,475,000
Prepaid Insurance	34,080
Equipment	290,000
Accounts Payable		30,000
Investment In Precision(wrong-to high)	163,500
Common Stock		127,500
Notes Payable		36,000
Cash Dividends Payable		19,700
Bonds Payable		1,000,000
Premium on Bonds		87,720
Common Stock		127,500
PIC Common Stock		350,500
Preferred Stock		288,000
PIC Preferred Stock		14,400
PIC Treasury Stock(Wrong-to hight by 500)		1,800
Retained Earnings(Wrong)	41,800
Treasury Stock	11,000
Fees Earned		1,975,000
Advertising Expense	120,000
Commission Expense	63,000
Legal & Acct Expense	18,000
Medical Expense	32,000
Rent Expense	170,000
Saleries Expense	760,000
Payroll Tax Expense	45,600
Utilities Expense	13,200
Interest Expense	36,090
Earnings from Investment(missing-what is this)
(Wrong)------>	3,951,320	4,058,120

Everything is right except ones marked wrong please help

Correct Total balance should come out to: 3937620