2) b. Borrowed $16,500 cash from a bank and signed a note due later this year. Record the transaction.

3)c. Bought and received $1,750 of equipment on account. Record the transaction.

4)d. Purchased land for $31,000; paid $2,900 in cash and signed a long-term note for $28,100. Record the transaction.

5)e. Purchased $12,500 of equipment, paid $2,900 in cash and charged the rest on account. Record the transaction.

The following events occurred for Favata Company: a Received $19,500 cash from owners and issued stock to them. b. Borrowed S16,500 cash from a bank and signed a note due later this year. c. Bought and received $1,750 of equipment on account. d. Purchased land for $31.000: paid $2,900 in cash and signed a long-term note for $28,100. e. Purchased $12,500 of equipment, paid $2,900 in cash and charged the rest on account. Required: For each of the events in above, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 Received $19,500 cash from owners and issued stock to them. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit