RECORD JOURNAL ENTRIES FOR THE TRANSACTIONS. BE SURE TO ENTER THE TRANSACTIONS IN PROPER JOURNAL FORM; THIS MEANS THAT THEY MUST BE NUMBERED AND DATED, AND INCLUDE A DESCRIPTION. 1) 1/2/2020 ISSUED COMMON STOCK FOR CASH IN THE AMOUNT OF $500,000. 2) 1/2/2020 PAID JANUARY RENT IN THE AMOUNT OF $3,000. 3) 1/3/2020 PURCHASED INVENTORY OF $500,000 ON ACCOUNT. 4) 1/5/2020 RECEIVED CASH IN THE AMOUNT OF $75,000 FOR SERVICES TO BE PERFORMED IN FEBRUARY. 5) 1/6/2020 SOLD WIDGETS ON ACCOUNT FOR $200,000.THE WIDGET COSTS WERE 50% OF SALES. 6) 1/10/2020 SOLD WIDGETS FOR CASH IN THE AMOUNT OF $300,000. THE WIDGETS COST $150,000.
