Balance Sheet Income Statement Cash Asset Noncash Assets Liabil- ities Contrib. Earned Revenues ExpensesIncome CapitalCapital Net Transaction (1) Receive $20,000 cash in exchange for common stock (2) Purchase $2,000 of (3) Sell inventory 4) Record $2,000 for cost 5) Collect $3,000 cash (6) Acquire $5,000 of inventory on credit for $3,000 on credit. of inventory sold in 3. from transaction 3 equipment by signing a note (7) Pay wages of $1,000 in (8) Pay $5,000 on a note (9) Pay $2,000 cash. payable that came due. cash dividend. Totals E2-48. Recording Transactions Using Journal Entries and T-Accounts Use the information in Exercise 2-47 to complete the following a. Prepare journal entries for each of the transactions 1 through9 b. Set up T-accounts for each of the accounts used in part a and post the journal entries to those LO6 T-accounts. (The T-accounts will not have opening balances.)