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Recording Journal Entries Dynamic Corporation completed the following transactions during the month of March 2020. Prepare journal entries to record the transactions Transactions 1-5 Transactions 6-10 1. Issued 35,000 shares of its own common stock for $350,000 cash. 2. Borrowed $175,000 cash in return for a 9%, one-year note payable. 3. Purchased equipment at a net cash cost of $175,000 with cash. 4. Purchased inventory on account for $140,000. Assume that the company uses the perpetual inventory system. 5. Sold merchandise for $175,000 (and a cost of $105,000x collected $122,500 cash, and the balance is due in one month. Hint. Consider two parts to the transaction-orie for seles and one for cost of goods sold Account Name Ref. 1. Dr. Cr. 0 2. 0 0 3 e 0 D 4. 0 0 S. Cash 0 0 0 2 To record the sale 4) 0 0 0 0 To record the cost of goods sold. Check Transactions 1-5 Transactions 6-10 6. Paid $43,750 cash for operating expenses. 7. Paid for half of the merchandise previously purchased on account in transaction 4 8. Collected 40% of the balance due on the sales in transaction 5 9. Paid cash for an insurance premium $2,100 for one year of coverage (debit prepaid insurance 10. Paid legal fees for the month of March, $17,500 cash. Account Name Dr. Cr. Ref. 6. 7. 0 0 0 0 0 8. 0 0 0 0 0 0 0 0 0 9. e 0 0 0 0 10. Check Save Answers Next