ACCT 113 ACCOUNTING&FINANCIAL REPORTING 1. Prepare the necessary journal entry in good format for each of the following transactions A. On January 1, an owner invests S10,000 cash in the business. B. On March 1, an owner withdraws $2,000 cash from the business for personal use. C. On February 1, a business incurs and pays $5,000 in salaries D. On June 1, a business borrows $25,000 from a bank by issuing a note payable to the bank. E. On January 15, a business purchases $15,000 in equipment on account from a vendor. F. On February 15, the business pays the vendor in full for the equipment (see E above). G. On January 30, an accounting firm bills a customer $10,000 for accounting services provided on account On February 15, the same accounting firm collects $7,000 from the customer it previously billed (see G above). H. L. On February I, a business purchases land for $50,000 by paying half in cash and issuing a note payable for the remaining balance. 2. On January 1, a business pays $6,000 rent in advance to cover the next 6 months. A. Prepare the necessary journal entry to record the prepayment on January I. B. Prepare the necessary adjusting journal entry on January 31. 3. On January 1, a magazine company receives advance payments of $6.000 from customers for 6 month subscriptions (January through June). A. Prepare the necessary journal entry to record the advance receipts on January 1. B. Prepare the necessary adjusting journal entry on January 31