Remington Company had the following select transactions. 
Instructions
Prepare journal entries to record the transactions. Remington prepares adjusting entries once a year on December 31.
Definitions:
Equity
The residual interest or ownership rights in the assets of a company after deducting its liabilities, often reflected as shareholders' equity.
Assets
Economic resources owned or controlled by a business or individual that are expected to provide future benefits.
Liabilities
Financial obligations or debts owed by a business to external parties or entities.
Retained Earnings
The portion of net earnings kept by the company instead of being paid out to its shareholders in the form of dividends.
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