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www Creams Chewrl Corgayaertame 1 Ohry ng 1000 1000 OF Cameretsell Ange VI. free RTplate T w p CP View Policies Current Attempt in Progress Chapati Company started business on January 1, 2020. Some of the events that occurred in its first year of operations follow Transactions 1. An insurance policy was purchased on February 28 for $2.460. The insurance policy was for one year of coverage that began on March 1, 2020. 2. During the year, inventory costing $142.000 was purchased, all on account 3 Sales to customers totalled $202.000. Of these $43,000 were cash sales 4 Payments to suppliers for inventory that had been purchased earlier totalled $108,000 5 Collections from customers on account during the year totalled $130.000 6 Customers paid $28.000 in advance payments for goods that will be delivered later. 7. Equipment that cost $131.000 was purchased on October 1 for $41.000 cash plus a two-year 10% note with a principal amount of $90,000. (Use Notes Payable B Wages totalling $49,000 were paid to employees during the year * The board of directors declared dividends of $14,000 in December 2020, to be paid in January 2021 Adjusting items 10. Recorded the insurance expense for the year 11. The equipment that was purchased (in item 7) on October 1, 2020 is to be depreciated using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $20.000 12 Recorded the interest expense on the note pavable for the year 11 Aphysical count at year end revealed $24.500 of unsold inventory still on hand 14 Itwes determined that 80% of the goods that were paid for in advance in item di had been delivered to the customers by the 15 addition to the wages that were paid during the year wages of $3.800 remained unpaid at the end of the var Question 2 of 7 - 130 yer Prepare journal entries for each of the above transactions and adjusting terms and countles are automatically indented when the man stered Doneiden toebis modelect "Entry for the entities and enter for the amounts Dent found intermediate lotion No Account Tales and Explanation Debit Credit 1. 2. S