Record transactions and adjustments: Use the horizontal model, or write the journal entry for each of the following transctions and adjustments that occcurred during the first year of operations at Meachum Inc.

A. Issued 200,000 shares of $5 par value common stock for $1,000,000 in cash

B. Borrowed $500,000 from First National Bank and signed a 12% note due in two years

C. Incurred and paid $380,000 in salaries for the year

D. Purchased $640,000 of merchandise inventory on account during the year

E. Sold inventory costing $580,000 for a total of $910,000, all on credit

F. Paid rent of $110,000 on the sales facilities during the first 11 months of the year

G. Purchased $150,000 of store equipment, paying $50,000 in cash and agreeing to pay the difference within 90 days

H. Paid the entire $100,000 owed for store equipment, and $620,000 of the amount due to the suppliers for credit purchases previously recorded

I. Incurred and paid utilities expense of $36,000 during the year

J. Collected $825,000 in cash from customers during the year for credit sales previosuly recorded

K. At year end, accrued $60,000 of interest on the note due to First National Bank

L. At year end, accrued $10,000 of past due December rent on the sales facilities