2 Not yet answered Marked out of 20.00 Flag question PLEASE SAVE YOUR PROGRESS REGULARLY PLEASE DO NOT INCLUDE $ SIGNS (OR OTHER CHARACTERS) IN YOUR NUMERIC RESPONSES Prepare the following journal entries for Minnelli Inc. Journal entry descriptions are not required. If no entry is required, please Dr. No entry AND Cr. No entry AND include 0 in the amount. Each scenario is independent. Shareholders contributed $500,000 of equipment to the corporation in exchange for common shares. Account Debit Credit Cash Accounts receivable Prepaid insurance Inventory Min Note receivable CoV Equipment Note payable Vehicle e for insurance of $1,500 and paid the amount in full. The iced at the time of payment. Debit Credit Provision for lawsuit Common shares Sales revenue Cost of goods sold Insurance expense Min Vehicle expense Loss on lawsuit use No entry Account account for $11,000. The inventory cost $4,000. Minnelli system. Dobit Credit Minnelli sold inventory on account for $11,000. The inventory cost $4,000. Minnelli uses a periodic inventory system. Account Debit Credit