Activities / Assessment (12 POINTS) Assume the following: XYZ Engineering Supplies Company had the following transactions (Please, use the Chart of Accounts on the next page): 1. Issued capital stock for $50,000. 2. Purchased $25,000 of inventory on account. 3. Sold inventory costing $5,000 for $10,000 on account. 4. Paid $5,000 for inventory purchased on account (from item2). 5. Collect $4,800 of accounts receivable (from item3). 6. Paid salaries for $2,500 Required: A. Record the above transactions in General Journal (Journal Entries using the Cart of Accounts in the next slide). Chart of Accounts XYZ Engineering Supplies Company 100 CASH 110 NOTES RECEIVABLE 120 ACCOUNTS RECEIVABLE 130 INVENTORY 140 | BUILDING 200 ACCOUNTS PAYABLE 210 NOTES PAYABLE 300 OWNER'S EQUITY 400 SALES REVENUE 410 INTEREST REVENUE 500 COST OF GOODS SOLD 505 WAGES EXPENSE 510 INTEREST EXPENSE 520 RENT EXPENSE 530 | UTILITIES EXPENSE 540 TAX EXPENSE