At the beginning of August, Joel Henry founded Bookmart.com, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. a. The company purchased equipment for $5,700 cash. The equipment is expected to be used for 10 or more years. b. Joel's business bought $8,700 worth of inventory from a publisher. The company will pay the publisher within 45-60 days. c. Joel's friend Sam lent $5,700 to the business. Sam had Joel write a note promising that Bookmart.com would repay the $5,700 in four months. Because they are good friends, Sam is not going to charge Joel interest. d. The company paid $2,350 cash for books purchased on account earlier in the month. e. Bookmart.com repaid the $5,700 loan established in (c). Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 345 The company purchased equipment for $5,700 cash. The equipment is expected to be used for 10 or more years. Record the transaction. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry Clear entry View general journal >