Prepare journal entries for these transactions

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Reference no: EM133265524

Guy, controller of Fun Inc. provides you with the following information concerning
Fun during 2020, its first year of operations
1. Issued 1,000 shares of common stock at $95 per share.
2. Paid $24,000 as rent on office space for the year.
3. Made total sales for services of $190,000: $65,000 for cash and $125,000 on account.
4. Purchased land for $32,000.
5. Borrowed $75,000 on December 31. The note payable matures in two years.
6. Expenses totaling $80,000 were paid during the year.
7. $56,000 was received from customers as payment on account.
8. Declared and paid a dividend of $20,000

Prepare journal entries for these transactions, and post them into T-accounts.

Reference no: EM133265524

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