Requirement: Journal entries. Prepare the journal entry for the date of the transaction.

On February 1, the company borrowed $225, 000 on a long term note. Interest (10% per year) and principal on the note are payable at maturity, in 10 years. On May 20, the company sold $120, 000 of trademarks with a book value of $83, 000. On June 30, the company recorded salaries and wages earned in June and payable July 1 in the amount of $260, 000. On July 15, the company paid $24.000 for insurance covering the period July 1 - June 30. On Sept 10, the company purchased on account 11, 000 units of inventory at $30 per unit. On Oct 1, the company collected $12, 000 from a customer for inventory to be delivered in January next year