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Prepare journal entries for the earlier transactions

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Question - The following events occurred during the month of January for McLain Company.

a. McLain purchases inventory costing $1,800 on account.

b. McLain sells 240 units for $20 each. McLain collects cash for 200 of these units. These specific units cost McLain $8 each to purchase.

c. McLain collects $500 in cash on its accounts receivable.

d. McLain takes out a loan for $400.

e. McLain pays out $350 cash in dividends.

f. McLain receives a contribution of $600 in cash from its owners in exchange for capital stock shares.

g. McLain purchased a new piece of equipment. The new equipment cost $1,000 and was paid for in cash.

h. McLain pays $500 of its accounts payable.

i. McLain incurs $500 in salaries expense, but will not pay workers until next month.

j. McLain incurs $300 in rent expense and pays it in cash.

k. McLain prepays $200 in cash for insurance.

l. Taxes, paid in cash, are $110.

Required: Prepare journal entries for the earlier transactions.

Reference no: EM131695593

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