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 item$2).$

$5)$Collect $$4,800$ of accounts receivable $($from item$3).$

$7)$Paid salaries for $$2,500$

Required:

A$.$ Record the above transactions in General Journal $($Journal Entries using th Chart of

Accounts$).$