7 8 9 10 11 d) March 18 Paid $70,000 to a local construction company for a building that it built on the land. 12 13 4 5 On January 2, 2022, Grace Wu incorporated a boat charter business, Ride the Waves Inc., in Maitland, Nova Scotia. The following transactions 6 occurred in the first 6 months of business. a) January 2 Issued 15,000 shares at $100 a share; 10,000 were issued to Grace with the remaining 5,000 issued to various local investors. b) January 25 Borrowed and received $300,000 from the Scotiabank in Tatamagouche and signed a three year note. c) February 26 Purchased land on the waterfront for $800,000. e) April 5Purchased five boats for a total price of $900,000, paid cash of $700,000 and signed a three-month note for the remainder. f) May 10 Hired qualified sailors and crew members to begin work in June. 14 g) May 31 Paid $500 for advertising for the month of May. 15 h) June 15 Purchased supplies for $15,000. 16 i) June 15Billed $45,000 to customers for boat charters that had been taken place in the first fifteen days of June. 17 j) June 25 Received $45,000 from the customers billed on June 15th. 18 k) June 28 One of the other shareholders sold 50 of her shares in Boat Charters Inc. for $125 a share. 19 I) June 30 Paid $8,000 to employees for the month of June. 20 21 m) June 30Determined that the company had used $12,000 of supplies purchased on June 15. (adjusting entry) n) June 30Paid $4,000 for insurance coverage for July 1-December 31, 2022. 22 o) June 30 Billed $50,000 to customers for boat charters that had been taken place in the last fifteen days of June. 23 p) June 30 Received $10,000 as a deposit from customers for a charter that will occur in July, 2022. 24 REQUIRED: Prepare general journal entries for the transactions in the January-June 2022 period. If a transaction does not require a journal entry, 25 write "no entry". Be sure to record enough detail to allow you to complete Part B. Explanations are not required. 26