21. The Richardson Company incorporated on January 1, 2021 as a retailer. It purchases furniture from manufacturers and sells the inventory at its stores across Ontario. During 2021, Richardson engaged in various transactions. For each of the transactions listed below, prepare the appropriate journal entries (2 points each) a) The founder of the Richardson Company invested $60,000 cash into the business in exchange for shares. b) Richardson Company purchased $420,000 of inventory on account.

21. The Richardson Company incorporated on January 1,2021 as a retailer. It purchases furniture from manufacturers and sells the inventory at its stores across Ontario. During 2021, Richardson engaged in various transactions. For each of the transactions listed below, prepare the appropriate journal entries ( 2 points each) a) The founder of the Richardson Company invested $60,000 cash into the business in exchange for shares. b) Richardson Company purchased $420,000 of inventory on account