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