Journal entries
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Write the journal entry, for each of the following transactions that occurred during the first year of operations at Kissick Co. (Omit the "$" sign in your response.)
a. Issued 250,000 shares of $6-par-value common stock for $1,500,000 in cash.
b. Borrowed $500,000 from Oglesby National Bank and signed a 14% note due in two years.
c. Incurred and paid $430,000 in salaries for the year.
d. Purchased $710,000 of merchandise inventory on account during the year.
e. Sold inventory costing $680,000 for a total of $970,000, all on credit.
f. Paid rent of $220,000 on the sales facilities during the first 11 months of the year.
g. Purchased $150,000 of store equipment, paying $54,000 in cash and agreeing to pay the difference within 90 days.
h. Paid the entire $96,000 owed for store equipment, and $620,000 of the amount due to suppliers for credit purchases previously recorded.
i. Incurred and paid utilities expense of $46,000 during the year.
j. Collected $885,000 in cash from customers during the year for credit sales previously recorded.
k. At year-end, accrued $70,000 of interest on the note due to Oglesby National Bank.
l. At year-end, accrued $20,000 of past-due December rent on the sales facilities.
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