10/01 XX company was formally established, and shareholders contributed $5,000,000 to obtain common shares of the company. 10/01 Pay the office rent for half a year, and the monthly rent is $80,000. 10/25 Hire employees, with a monthly salary of $45,000. 11/05 Purchased $250,000 of goods from KFC Company. 11/15 sold $500,000 worth of goods to MM Company. 11/20 Pay half of the purchase price of KFC. 11/30 Pay the employee's salary of the month $45,000 12/05 Received an account of $350,000 owed by MM. 12/08 Received and paid the November utility bill of $4,500. 12/20 sold $152,500 of goods to QQ company. 12/31 Please remember to make adjustment entries

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Solomon Company started year 1 with $270,000 in its cash and common stock accounts. During year 1, Solomon paid $202,500 cash for employee compensation and $62,100 cash for materials.   Required Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to make 1,500 chairs. Further, assume that Solomon sold 1,200 of the chairs it made. State the name(s) of the expense account(s) shown on the income statement. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to provide dental cleaning services to 500 patients. State the name(s) of the expense account(s) shown on the income statement

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