ACME Corp. issued 1,000 common shares of stock in exchange for $12,000. ACME also borrowed $30,000 from the bank, promissing to repay it in two years. ACME paid $35,000 in cash for computer equipment and signed a note for $5,000 due in six months.ACME received $900 of supplies it purchased on account.

1. Prepare journal entries for these transactions

2. Post the entries to T accounts