Transaction Chung Corporation issued common stock for $10,000 (please place the appropriate transaction in its respective headings i.e. cash, liability or equity. REMEMBER! It must balance so each transaction requires two buckets.) Chung purchased inventory for $5,000 on account; (On account means it purchased on credit to be paid next period) Chung sold $8,000 of inventory on account to be paid in 30 days with a cost of $4,000 Wages for the period were $5,000 to be paid next period (accrual method)