Monmath Corp

Essay

Monmath Corp.started operations in March of Year 3.The following transactions occur during March.
a. On March 1, Year 3, Monty contributes $20,000 for 10,000 shares of $1 par value stock.
b. On March 1, Year 3, Monmath borrows $50,000 on a note from the bank to finance the purchase of a building.
c. Monmath buys $15,000 of inventory on account (this is the gross price before any possible discounts).
d. Monmath pays a $12,000 account payable with cash.
e. Monmath paid the annual rent of $11,760.
f. Monmath pays for one half of the inventory purchased in (c) above. There are no discounts given.
g. Issued 300 shares of $1 par value stock in settlement of $300 accounts payable.
h. Received $400 from a customer for merchandise to be delivered on April 15, Year 3.

Required:
Prepare the journal entries for transactions a through h, assuming Monmath uses the accrual basis of accounting.