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Need to create general journal entries using these account titles based off the transactions provided.

Assets Liabilities Stockholders Equity - Cash Accounts Receivable Allowance for Doubtful Accts. Inventory Supplies Prepaid Rent Equipment Accumulated Depr.- Equipment Accounts Payable Interest Payable Notes Payable Salaries Payable Utilities Payable Common Stock APIC - Common Preferred Stock Retained Earnings Dividends Sales Revenue Gains (Other) Sales Discounts Sales Returns and Allowances Depreciation Expense Interest Expense Maintenance & Repairs Expense Rent Expense Salary Expense Supplies Expense Tax Expense Bad Debt Expense Utilities Expense Losses (Other) ansactions for 2021 1 Purchased inventory on account for $360,000. 2 Sold goods for cash $75,000; the cost of goods sold was $25,000. 3 Sold goods on account for $875,000 (2/10, 1/30); the cost of goods sold was $215,000. 4 Sales returns were $12,000, and had a cost of $3,000. 5 Collected $850,000 of accounts receivable within the discount period. The gross method is used. 6 Purchased supplies on account $2,800, debit supplies. 7 Paid $300,000 of accounts payable - this includes supplies and inventory 8 Paid the principal balance on the note payble plus interest of $3,600. The balance in interest payable is included as part of this interest payment. Paid salaries of $75,000, this includes the beginning balance in salaries payable, which represents the salaries 9 owed on December 31 of last year. O Pald 12 months rent in advance on September 1, 2021 of $18,000, debit pre-paid rent. 1 Purchased equipment for $90,000 on June 1, 2021 by giving a 9 month, 6% note for $90,000. 2 Paid $2,400 for maintenance and repairs. 3 Sold common stock (on January 1), 10,000 shares for $15 per share. The par value is $2 per share. 14 Sold preferred stock, 6,000 shares for $25 per share. The par value is $25 per share. 15 Paid utilities of $5,200. 16 Declared and paid cash dividends to common shareholders, $6,000. 17 Declared and paid cash dividends to preferred shareholders, $4,000. 18 Wrote off$2,200 of uncollectible accounts receivable. 19 Sold equipment having an original cost of $45,000, and accumulated depreciation of $18,000 for $32,000 cash. Credit Debit 97,600 32,000 1,400 Post-Closing Trial Balance December 31, 2020 Account Title Cash Accounts Receivable Allowance for Doubtful (Uncollectible) Accounts Inventory Supplies Prepaid Rent Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Interest Payable Income Taxes Payable Notes Payable Common Stock, $2 par value Additional Paid In Capital - Common Preferred Stock, $25 par value Retained Earnings 50,000 4,600 15,000 240,000 30,000 42,000 1,600 1,200 4,000 60,000 130,000 85,000 25,000 59,000 439,200 439,200

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