Prepare journal entries for these:
1. On January 10 sold merchandise on account to Rayms $9000 and Fischer $8600. Terms 2/10 n/30 F.O.B. shipping point.
2. On January 12 purchased merchandise on account from Zapfel $3200 and Liotta $2600. Terms 1/10 n/30 F.O.B. destination.
3. On January 14 received checks $4500 from Longhini and $2500 from Hall for sales on account after discount period has lapsed.
4. On January 15 send checks to Joosten for 9000 less 3% cash discount and to Maida for $10000 less 2% cash discount.
5. On January 16 issued credit of $500 to Fischer for merchandise returned.
6. On January 21 paid off the balances to Zapfel and Liotta for the purchases on January 12.
7. On Feburary 9 received payment in full from Rayms and Fischer.
8. On March 1 paid rent of $4800 for a two-year term starting from May 1 2013.
9. On April 1 the company CEO paid $49999 from her savings bank account to purchase a car for personal use.
10. On April 12 paid $700 cash for office supplies.
11. Cash dividends totaling $1000 were declared on June 13 and paid to stockholders on June 23.
12. Issued a note of $120000 to bank (one year annual interest rate 4%) for cash on July 1.
13. On July 5 purchased merchandise from Maida $32000 terms 3/10 n/30.
14. On July 7 issued common stock 1000 shares $10 par in exchange of a land with a fair market value of $16000.
15. On July 8 returned $300 of merchandise to Maida and received credit.
16. On August 1 sold merchandise to Lachey on account $80000 term 1/10 n/30 F.O.B. shipping point.
17. Paid off the balance to Maida on August 4.
18. On Auguest 8 paid utilities expense $10209.
19. On August 18 Lachey paid off its balance.
20. On September 1 paid cash $7500 to Farmington for merchandise purchased last year. 21. On October 1 paid off notes payable $110000 (issued in 2010) and associated interest $5000 (including $1500 interest payable on the balance
sheet).
22. Over the year daily cash sales were $16500.
22. Over the year sales and office employees earned $46500 in salaries and wages of which $2500 remained as payable at the end of year.
23. On Dec 31 received an utilities bill of $1250 (for December 2012) and paid off the bill on Jan.102013