3. (8 points) Using the general journal below, prepare journal entries for the following transactions (you may omit the descriptions): A. Received $75,000 cash from the issuance of common stock. B. Purchased supplies on account for $2,500. C. Paid $7,500 for office equipment. D. Billed client $12,000 for services rendered. E. Purchased land and a building for $15,000 and $90,000, respectively. Paid $30,000 cash and signed a note for the remaining balance. F. Paid the balance on account from the purchase recorded in B above. G. Received payment on account for the services rendered in D above. H. Made a payment on the note for the land and building: $20,000 in principal and $1,500 interest. Hint: The principal portion of the payment reduces the note balance. Date Description Debit Credit 4. (5 points) Complete the adjusting journal entries given the information below A. On 12/1/XX, Timeline purchased $500 of supplies. When they purchased the supplies, they did the following entry: Debit Credit Supplies $500 Cash $500 At the end of the year, there were $280 of supplies remaining on hand. Prepare the adjusting journal entry as of 12/31/XX. Debit Credit B. On 10/1/XX, Timeline made a payment of $6000 to pay rent for the next 6 months. When making the payment, they did the following entry: Debit Credit Prepaid Rent 6,000 Cash 6,000 Prepare the adjusting journal entry as of 12/31/XX. C. On 8/1/XX, Timeline received a payment of $12,000 for services to be performed over the next 6 months. When receiving the payment, they did the following entry: Debit Credit Cash 12,000 Unearned Service Revenue 12,000 Prepare the adjusting journal entry as of 12/31/XX D. On 8/1/XX, Timeline accepted a $5000 6% note from a customer as payment. The note plus interest will be paid on 3/31 of the following year. No interest has been recorded. Prepare the adjusting journal entry as of 12/31/XX E. On 6/1/XX Timeline purchased a vehicle for $15,000. Managers estimate the useful life of the vehicle to be 3 years. The depreciation for the year has not been recorded. Prepare the adjusting journal entry as of 12/31/XX