Journalize the selected transactions **Transaction Summary for Educational Purposes:****3-Jan** - Issued a check to establish a petty cash fund amounting to $4,500.**26-Feb** - Replenished the petty cash fund with receipts for: - Office supplies: $1,680 - Miscellaneous selling expense: $570 - Miscellaneous administrative expense: $880**14-Apr** - Purchased $31,300 worth of merchandise on account, terms n/30. The perpetual inventory system is in use for inventory accounting.**13-May** - Paid the invoices from April 14.**17-May** - Received cash from daily cash sales totaling $21,200. The cash register indicated sales of $21,240.**2-Jun** - Received a 6-day, 8% note for $180,000 on the Ryanair account.**1-Aug** - Collected on the June 2 note, plus interest at maturity. The interest calculation uses a 360-day year for simplicity.**24-Aug** - Received $7,600 on the Finley account and wrote off the remaining $9,000 accounts receivable balance as uncollectible, using the allowance method.**15-Sep** - Reinstated the amount written off on August 24; received $1,400 as full payment.**15-Sep** - Borrowed $670,000 via a 90-day note to Zahorik Co., discounted at 9%. The interest calculation also uses a 360-day year.**17-Oct** - Sold office equipment for $135,000 cash plus a $100,000, 90-day, 9% note. The equipment cost $320,000 with accumulated depreciation of $64,000 as of October 17.**30-Nov** - Recorded salaries of $135,000, office salaries $77,250. Deductions included: - Income tax withheld: $39,266 - Social Security tax withheld: $12,735 - Medicare tax withheld: $3,184 - Credit to salaries payable**30-Nov** - Journalized employer's payroll taxes: - Social Security tax: $12,735 - Medicare tax: $3,184 - Unemployment taxes: - State unemployment at 5.4% on $5, **Korrett Company Chart of Accounts****Date:** 1/1/2021---**Classification: Account Number - Account Title****Assets:**- 109: Petty Cash- 110: Cash- 119: Notes Receivable- 120: Accounts Receivable- 121: Allowance for Doubtful Accounts- 130: Inventory- 135: Interest Receivable- 140: Prepaid Insurance- 141: Office Supplies**Long-Term Assets:**- 151: Land- 152: Buildings- 153: Accumulated Depreciation-Buildings- 154: Office Equipment- 155: Accumulated Depreciation-Office Equipment- 156: Store Equipment- 157: Accumulated Depreciation-Store Equipment- 158: Mineral Rights- 159: Accumulated Depletion- 160: Patents**Liabilities:**- 210: Social Security Tax Payable- 211: Medicare Tax Payable- 212: Employees Federal Income Tax Payable- 213: State Unemployment Tax Payable- 214: Federal Unemployment Tax Payable- 215: Salaries Payable- 216: Accounts Payable- 217: Interest Payable- 218: Product Warranty Payable- 219: Vacation Pay Payable- 220: Notes Payable**Long-Term Liabilities:**- 251: Unfunded Pension Liability**Equity:**- 310: Common Stock- 311: Retained Earnings- 320: Dividends- 330: Income Summary**Revenue:**- 410: Sales**Cost:**- 510: Cost of Goods Sold**Expenses:**- 610: Sales Salaries Expense- 611: Depreciation Expense-Buildings- 612: Depreciation Expense-Office Equipment- 613: Depreciation Expense-Store Equipment- 614: Amortization Expense-Patents- 615: Depletion Expense- 616: Product Warranty Expense- 618: Bad Debt Expense- 619: Miscellaneous Selling Expense- 710: Office Salaries Expense- 711: Payroll Taxes Expense- 712:

Journal entry : Method of recording financial transactions in the book of original entry by debiting…

3-Jan Issued a check to establish a petty cash fund of $4,500 Replenished the petty cash fund, based on the following summary of petty ash receipts: office supplies $1,680; 26-Feb miscellaneous selling expense, $570; miscellaneous administrative expense, $880 14-Apr Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory 13-May Paid the invoices of April 14 17-May Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. 2-Jun Received a 6--day, 8% note for $180,000 on the Ryanair account Received amount owed on June 2 note, plus interest the maturity date. Record the transaction in the general journal. 1-Aug Use a 360-day year to simplify the interest calculation Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The 24-Aug allowance method is used in accounting for uncollectible receivables) 15-Sep Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discouted it a 9%. (Record the transaction in the 15-Sep general journal. Usa a 360 day year to simplify the interest calculation. Sold office equipment in exchange for $135,000 cash plus receipt of $100,000. 90-day, 9% note. The equipment had a cost 17-Oct of $320,000 and accumulated depreciation of $64,000 as of October 17 salaries $135,00; Offie Salaries $77, 250. Deduction: Income ta withheld $39,266; Social security tax withheld $12,735; 30-Nov Medicare tax withheld $3,184; Credit Salaries Payable Journalized the employer's payroll taxes on the payroll. Social Security tax $12,735; Medicare tax $3,184. Unemployment 30-Nov taxes: State unemployment; 5.4% on $5,000 of wages; Federal Unemployment: 0.8% on $5,000 of wages 14-Dec Paid the September 15 note at maturity. 31-Dec The pension cost for the year was $190,400, of which $139.700 was paid to the pension plan trustee