Reference no: EM131812498

Prepare the journal entries for following transactions: Bought land for 15,000 shares with a $35 per share market value. Paid six months rent in advance for a total of $6,000. Paid insurance premiums for the year in the amount of $8,000. Bought a building for $250,000. Paid one-fifth in cash and the balance with a 10-year, 10% interest note payable. Purchased $20,000 of merchandise inventory on credit. Paid utilities bill for $450. Sold $8,000 of merchandise inventory for $12,000 on credit. Collected a $10,000 cash deposit from customers for custom orders. Paid salaries and wages of $8, 500. Received $7,000 from customers on account. Declared and paid a $5,000 dividend.