Assume the following: Revolution Store had the following transactions Jan-01 Jan-01 Issued capital stock for $980,000 Purchased a Packaging Equipment for $25,000 with a useful life of 10 Jan-01 Jan-03 Jan-05 Jan-07 Jan-11 Jan-15 Jan-17 Jan-23 Jan-25 Jan-30 Jan-31 years and a Salvage value of $1,500 Purchased an Insurance Policy (1 year) for $35,000 Purchased a Truck, paying $10,000 in cash and issuing a note of $20,000 Purchased $20,000 of inventory on account Sold inventory costing $5,000 for $50,000 on account. Paid $1,000 for inventory purchased on account (from Jan-05) Collect $15,550 of accounts receivable from customers (from Jan-07) Paid utility bills totaling $500 Paid wages for $9,000 Collect $300 in bank interest. Paid $2,500 due to income taxes Adjust the Insurance account and depreciation expense at the end of the month Required A. Record the above transactions in General Journal (Journal Entries) B. Record the transactions in General Ledger format (T-Accounts)