My blod the standard setting bodies and codification Counting 2) Record the business transactions listed below in journal entry format debitando prepare a general ledger (grid format) and then prepare the applicable Tinancial statem a) The Company issued $ 200,000 of common stock for cash b) The Company borrowed $ 125,000 cash from the Bank c) The Company purchased equipment for cash of $175.000 d) The Company purchased Inventory on 30 day credit torms for $90,000 e) The Company billed it customers for sales revenue of $ 180,000 (credit sales) f) The Company paid cash for salary expense to employees of $ 70,000 g) The Company had cost of product expense of $ 60,000. The product was taken from Inventory h) The Company paid a cash dividend of $ 8,000 i) The Company paid cash for Insurance expense for the period of $8,000 i) The Company received $90,000 in cash from the collection of Accounts Receivable k) The Company made a $42,000 payment on its Accounts Payable balance D) The Company accrued but did not pay the interest on its bank loan. Interest for the year is 5 1) Describe the standard setting process for Generally Accepted Accounting Principles including the standard setting bodies and codification. 2) Record the business transactions listed below in journal entry format (debit and credit ). prepare a general ledger (grid format ) and then prepare the applicable financial statements a) The Company issued $ 200,000 of common stock for cash b) The Company borrowed $ 125,000 cash from the Bank c) The Company purchased equipment for cash of $ 175,000 d) The Company purchased Inventory on 30 day credit terms for $ 90,000 e) The Company billed it customers for sales revenue of $ 160,000 (credit sales) f) The Company paid cash for salary expense to employees of $ 70,000 g) The Company had cost of product expense of $ 60,000. The product was taken from Inventory h) The Company paid a cash dividend of $ 8,000 i) The Company paid cash for Insurance expense for the period of $8,000 j) The Company received $90,000 in cash from the collection of Accounts Receivable k) The Company made a $42,000 payment on its Accounts Payable balance D) The Company accrued but did not pay the interest on its bank loan. Interest for the year is 5%