0, and Lance run Silly Socks Inc., the silliest sock company in Manhattan, KS. You are the accountant for Sully Socks and are required to make the journal entries for the following transactions. Be sure to use good form when writing the journal entries, and complete the T-Accounts on the last page as you go Total each account after the last journal entry. This is optional will be due in class on Wednesday, 12/11 Start the business - Make owner contributions, take out a loan, and purchase assets to start Silly Socks incl Contributions - Capital "Name" - Each owner in the partnership contributes $10,000 cash to fund the business operations. Note*Make a separate capital account for each owner. Date Accounts Debit Credit 12/1/19 Cash Capital Contributions - Julius 10,000 Capital Contributions - Cameron 10,000 Capital Contributions - Lance 10,000 30,000 Loans - Borrow $150,000 of cash from the bank to fund operations. Borrow from the bank for 1 year with an APR of 5%. The principal and interest are due at the end of 1 year. Date Accounts Debit Credit 12/1/19 Purchase Assets - Purchase a delivery truck to deliver socks to customers. Pay cash for a cost of $20,000 with a salvage value of $5,000. Estimated Useful Life is 48 months. Date Accounts Debit Credit 12/1/19 Lepidid on Expenue 3750 Ald 13150 Purchase Assets - Purchase a 2-year insurance policy for $24,000 with cash. Date Accounts Debit Credit 12/1/19 Dye pand enwande 24000 camn 4000 Purchase Inventory-Pay cash for the purchase of quality socks with a variety of patterns -paid $3.00 per pair Purchased 100,000 pairs. Debit Credit Date Accounts 12/4/19 Inventory 300,000 Cach