a) Prepare journal entries to record the following transactions of Daisy Queen Ice Cream Company. If an entry is not required, state "No Entry."

1. Started business by issuing 10,000 shares of common stock for $20,000.

2. Leased a building for three years at $500 per month and paid six months' rent in advance.

3. Purchased equipment for $5,400, signing a two-year, 10% note.

4. Purchased $1,800 of supplies on account.

5. Recorded cash sales of $800 for the first week.

6. Paid weekly salaries, $320.

7. Paid for supplies purchased in item (4).

8. Recorded depreciation on equipment, $50.

b) Assuming that beginning cash was zero, compute ending cash after the 8^th journal entry.

Show computations.