prepare journal entries and T-account Transcribed Image Text: During 20X1 the following transactions occurred: Sold 1,000 shares of common stock for $25 each on January

prepare journal entries and T-account Transcribed Image Text: During 20X1 the following transactions occurred:
Sold 1,000 shares of common stock for $25 each on
January 1, 20X1
Borrowed $50,000 from the bank at 10%
Paid Security Deposit of $7,000
Bought Land for $20,000
Purchased 1,400 Crystals at $100 each
Sold 1,100 Crystals for $250 each
Paid cash for wages of $55,000
Paid twelve months’ rent totalling $30,000
Paid $20,000 for advertising for 20X1
Sold 600 shares of common stock for $25 each on May 30,
20X1
Paid Utility bill for 20X1 of $18,000
Paid interest on Note Payable of $5,000
Paid a $3,000 dividend to shareholders on December 31,
20X1
Also, during the year, the company paid 50% of the 20X1 taxes. The tax rate is 30%.
At December 31, 20X1, the company owed $2,0000 in wages which had not yet been paid.

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