7. Kuczewski Catering Inc is an up-and-coming food services company based in Montreal, Quebec. On May 1, 2020, the company financed its initial operations by issuing 25,000 shares at $1.50 per share and borrowing $50,000 from the bank. The journal entry Kuczewski Catering would record on May 1.2020 would consist of: O Debit Cash $75,000; Credit Contributed Capital $25,000: Credit Note Payable $50,000 O Debit Cash $87.500; Credit Contributed Capital $37.500; Credit Accounts Payable $50,000 O Debit Cash $87.500; Credit Contributed Capital $37,500: Credit Notes Payable $50,000 O Debit Cash $87,500. Credit Sales Revenue $37,500; Credit Notes Payable $50,000 8. Delaney's is a popular student restaurant near Concordia. The company has five full-time servers who each work 35 hours per week at $15 per hour. At July 31. salaries for the last week of July were scheduled to be paid on August 6 while salaries for the first three weeks were paid during the month of July. Delaney's accountant was sick throughout the month of July, therefore, no journal entries were recorded since June 30. You were brought in to help record the necessary journal entries. The journal entry to record the servers' salaries on July 31 for the month of July would consist of: O Debit Salaries Expense $10,500; Credit Cash $7,875; Credit Salaries Payable $2,625 O Debit Salaries Expense $10,500, Credit Salaries Payable $10,500 Debit Salaries Expense $2,100; Credit C sh $1,575; Credit Salaries Payable $525 Debit Salaries Expense $2,625; Credit Salaries Payable $2,625 9. On January 23, 2020, Ramsaran Sushi Ltd purchased seafood from Ocean Fresh Ltd for $125,000 - 50% cash and the rest on account. The journal entry to record this transaction would consist of: O Debit Inventory $125,000; Credit Cash $62,500; Credit Accounts Receivable $62,500 Debit Inventory $125,000; Credit Cash $62,500; Credit Accounts Payable $62,500 O Debit Inventory $125,000; Credit Cash $62,500; Credit Notes Payable $62,500 O No entry to record on this date