22, Second Semester Final Paper of Principles of Accounting Page Speaking part two: problems (20*2) 1. James Haley owned a sailboat and was tired of his current job. He decided to open a business that provides day sails to tourists in his hometown. Prepare journal entries to record the following transactions. May 1 Haley invested $20,000 cash and his sailboat valued at $90,000 in the business. Haley paid $3,000 cash for office equipment to help him keep track of business activities. Haley bought sailing supplies costing $2,500 on credit. Haley negotiated with the harbor master and paid $500 cash for the first month's dock rental. Haley paid $1,800 cash for a six-month insurance policy. Haley received $2,000 cash from clients for his first tour. May 2 May 31 May 4 I May 5 May 10 May 12 May 19 May 22 May 25 May 31 May 31 Haley withdrew $2,000 for personal use. Haley provided a $3,500 tour on credit, the customer has agreed to pay within 10 days Haley paid for the sailing supplies originally purchased on May 3. Haley receives payment on the account from the client entry on May 12. Haley received $2,750 cash for additional tours. Haley paid his deck hand a salary of $1,000