1. Borrowed $185,000 from a bank, signing a short-term note. 2. Provided $29,000 in service to customers during the year, with $21,300 on account and the rest received in cash. 3. Purchased warehouse for $53,000 in cash. 4. Purchased $24,000 equipment on account. 5. Paid payroll, $3,100 during the year. 6. Received $21,120 on account paid by customers. 7. Purchased and used fuel of $37,000 in delivery vehicles during the year (paid in cash). 8. Declared and paid $31,000 in dividends for the year. 9. Paid $4,000 cash on accounts payable. 10. Incurred $61,000 in utilities during the year; paid $42,000 in cash and owed the rest on account. 11. On December 31, paid $4,800 for a 3-year insurance policy, effective January 1, 2021. 12. On December 31 , received $9,000 in advance deposits from customers. This is a review of basic business transactions. If you have any questions about them, stop now and get your questions answered. Steinbach Company had the following business transactions in 2020. For each transaction, prepare the required journal entries. 1. Borrowed $185,000 from a bank, signing a short-term note. 2. Provided $29,000 in service to customers during the year, with $21,300 on account and the rest received in cash. 3. Purchased warehouse for $53,000 in cash. 4. Purchased $24,000 equipment on account. 5. Paid payroll, $3,100 during the year. 6. Received $21,120 on account paid by customers. 7. Purchased and used fuel of $37,000 in delivery vehicles during the year (paid in cash). 8. Declared and paid $31,000 in dividends for the year. 9. Paid $4,000 cash on accounts payable. 10. Incurred $61,000 in utilities during the year; paid $42,000 in cash and owed the rest on account. 11. On December 31, paid $4,800 for a 3-year insurance policy, effective January 1, 2021. 12. On December 31 , received $9,000 in advance deposits from customers