Part II Recording Transactions (80 points) In this section (worth 80 points), prepare general journal entries for selected transactions for JHA Company. JHA prepares adjusting entries at the end of every month. (You may round to the nearest whole dollar whenever a calculation results in dollars and cents.) The company has authorization to issue 300,000 shares of $1 par value common stock There are already 200,000 shares issued and outstanding 12/1 Issued 25,000 additional shares of common stock for $5.00 per share. 12/1 Paid four months of rent in advance. The monthly rental cost is $800. 12/1 Collected $8,000 in advance for services to be performed on an 8-month contract. 12/2 JHA sells one product, SB75, a speaker system made for trucks. The inventory on hand on the morning of 12/2 consisted of two layers: 1-500 speakers costing $68 each and 2-100 speakers costing $70 each. JHA uses a perpetual inventory system and assumes a FIFO Cost Flow. JHA sold 300 speaker systems on account to WOW Stereo, FOB destination. The price per system was $150 with credit terms 2/10, n/30.