201 1 points tock Hi P The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow a. The firm was organized and the stockholders invested cash of $8,700. b. The firm borrowed $4,800 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,650 were purchased for cash. The original list price of the equipment was $1,910, but a discount was received because the seller was having a sale. d. A store location was rented, and $1,600 was paid for the first month's rent e. Inventory of $14,900 was purchased, $9.700 cash was paid to the suppliers, and the balance will be paid within 30 days f. During the first week of operations, merchandise that had cost $4,000 was sold for $5,100 cash 9. A newspaper ad costing $110 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month h. Additional inventory costing $4,350 was purchased; cash of $1,150 was paid, and the balance is due in 30 days. I. In the last three weeks of the first month, sales totaled $13,250, of which $10,000 was sold on account. The cost of the goods sold totaled $8,500 J. Employee wages for the month totaled $2,000; these will be paid during the first week of the next month. k. The firm collected a total of $3,000 from the sales on account recorded in transaction i L. The firm paid a total of $4300 of the amount owed to suppliers from transaction e Required: Prepare the journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Check my work