1 out of Amazing Books began operations earlier this year. Use the following chart of accounts: Chart of Accounts Accounts Payable Cost of Goods Sold Land Accounts Receivable Dividends Declared Prepaid Insurance Bank Loan Payable Dividends Payable Sales Revenue Building Insurance Expense Unearned Revenue Cash Interest Expense Wages Expense Common Shares Inventory Wages Payable n Required: Using the above chart of accounts, write only the account name (do not write down the dollar amount) to be debited and credited for each transaction, 7 A BIG Journal Entries Transaction DEBIT CREDIT Example The company paid $2.000 on its bank loan, which included $150 or interest Bank Loan Payable & Interest Expense Cash 1 The company issued 1.000 common shares for $500,000 2 The company borrowed $250.000 from the bank The company purchased tand and a building for a total of $500,000 cash The company paid $2400 for a one-year insurance policy for the building Purchased 5200 000 inventory on account