Check Your Work-Google Chromeⓘ Not secure l ezto.mheducation.com/hm.tpxAssign ×СNot secure l ezto.mheducation.com/hm.tpxheeterUse the horizontal model, or write the journal entry, for each of the following transactions andadjustments that occurred during the first year of operations at Kissick Co.a. Issued 250,000 shares of $6-par-value common stock for $1,560,000 in cash.b. Borrowed $540,000 from Oglesby National Bank and signed a 10% note due in two yearsC Incurred and paid $430,000 in salaries for the year.d. Purchased $690,000 of merchandise inventory on account during the yeare. Sold inventory costing $610,000 for a total of $970,000, all on credit.f Paid rent of $330,000 on the sales facilities during the first 11 months of the yearg. Purchased $170,000 of store equipment, paying $54,000 in cash and agreeing to pay the differenceAnswer is not complete.隨STLIABILITIESMerchandiseNotesAccountsInventoryEquipmentPaPayablewithin 90 daysh. Paid the entire $116,000 owed for store equipment and $590,000 of the amount due to suppliers for-540,000+credit purchases previously recordedi. Incurred and paid utilities expense of $44,000 during the yearj. Collected $885,000 in cash from customers during the year for credit sales previously recorded.k. At year-end, accrued $54,000 of interest on the note due to Oglesby National BankL. At year-end, accrued $30,000 of past-due December rent on the sales facilities690,000+690,000+610,000)+70,000116,000value:2.50 pointsRequired information(706,000)54,000+30,000+184,000Required:Record each transaction in the appropriate columns. (If an transaction/Adjustment are not affectingthe balance sheet category or income statment, leave the cells blank. Enter decreases to accountbalances as as negative.)80,000 +170,000540,000 +STOASSETSLIABILITIESTransactionAccounts MerchandiseNotesAccountsCash ReceivableInventoryEquipmentPayablePayable5:01 PM1/17/2019

Question
Asked Jan 17, 2019
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Can you explain what I might be missing throughly please? I have it correct but it claims that it's not complete. What am I missing?

Check Your Work-Google Chrome
ⓘ Not secure l ezto.mheducation.com/hm.tpx
Assign ×
С
Not secure l ezto.mheducation.com/hm.tpx
heet
er
Use the horizontal model, or write the journal entry, for each of the following transactions and
adjustments that occurred during the first year of operations at Kissick Co.
a. Issued 250,000 shares of $6-par-value common stock for $1,560,000 in cash.
b. Borrowed $540,000 from Oglesby National Bank and signed a 10% note due in two years
C Incurred and paid $430,000 in salaries for the year.
d. Purchased $690,000 of merchandise inventory on account during the year
e. Sold inventory costing $610,000 for a total of $970,000, all on credit.
f Paid rent of $330,000 on the sales facilities during the first 11 months of the year
g. Purchased $170,000 of store equipment, paying $54,000 in cash and agreeing to pay the difference
Answer is not complete.
隨
ST
LIABILITIES
Merchandise
Notes
Accounts
Inventory
EquipmentPa
Payable
within 90 days
h. Paid the entire $116,000 owed for store equipment and $590,000 of the amount due to suppliers for
-540,000+
credit purchases previously recorded
i. Incurred and paid utilities expense of $44,000 during the year
j. Collected $885,000 in cash from customers during the year for credit sales previously recorded.
k. At year-end, accrued $54,000 of interest on the note due to Oglesby National Bank
L. At year-end, accrued $30,000 of past-due December rent on the sales facilities
690,000+
690,000+
610,000)+
70,000
116,000
value:
2.50 points
Required information
(706,000)
54,000+
30,000+
184,000
Required:
Record each transaction in the appropriate columns. (If an transaction/Adjustment are not affecting
the balance sheet category or income statment, leave the cells blank. Enter decreases to account
balances as as negative.)
80,000 +
170,000
540,000 +
STO
ASSETS
LIABILITIES
Transaction
Accounts Merchandise
Notes
Accounts
Cash ReceivableInventoryEquipmentPayablePayable
5:01 PM
1/17/2019
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Check Your Work-Google Chrome ⓘ Not secure l ezto.mheducation.com/hm.tpx Assign × С Not secure l ezto.mheducation.com/hm.tpx heet er Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 250,000 shares of $6-par-value common stock for $1,560,000 in cash. b. Borrowed $540,000 from Oglesby National Bank and signed a 10% note due in two years C Incurred and paid $430,000 in salaries for the year. d. Purchased $690,000 of merchandise inventory on account during the year e. Sold inventory costing $610,000 for a total of $970,000, all on credit. f Paid rent of $330,000 on the sales facilities during the first 11 months of the year g. Purchased $170,000 of store equipment, paying $54,000 in cash and agreeing to pay the difference Answer is not complete. 隨 ST LIABILITIES Merchandise Notes Accounts Inventory EquipmentPa Payable within 90 days h. Paid the entire $116,000 owed for store equipment and $590,000 of the amount due to suppliers for -540,000+ credit purchases previously recorded i. Incurred and paid utilities expense of $44,000 during the year j. Collected $885,000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $54,000 of interest on the note due to Oglesby National Bank L. At year-end, accrued $30,000 of past-due December rent on the sales facilities 690,000+ 690,000+ 610,000)+ 70,000 116,000 value: 2.50 points Required information (706,000) 54,000+ 30,000+ 184,000 Required: Record each transaction in the appropriate columns. (If an transaction/Adjustment are not affecting the balance sheet category or income statment, leave the cells blank. Enter decreases to account balances as as negative.) 80,000 + 170,000 540,000 + STO ASSETS LIABILITIES Transaction Accounts Merchandise Notes Accounts Cash ReceivableInventoryEquipmentPayablePayable 5:01 PM 1/17/2019

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Expert Answer

Step 1

Transaction a: Cash reveived on issue of shares. It will increase the ccash and share capital.

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Step 2

Transaction b: It will also increase the cash balance but this time its a outsode liability of notes payable, so it will increase the balance of Notes payable liability

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Step 3

Transaction c: The salaries papid is an expenses becomes the net loss and reduce the...

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