Ch Case Study Assignment - Part 1 Issued common stock to investors for $300,000 in cash and S150,000 in land. Purchased a forklift for 575.000 on account e Purchased supplies on account for $5.500 & Billed customers 560,000 for services performed on account Used $2.500 in supplies from supplies purchased in transaction Received 545,000 from customers billed in transaction(d, Paid creditor 550,000 for forklin purchased in transaction (h) Paid dividends of $7.500 to stockholders 1. Prepare journal entries in proper format 2 Account Nam De Credil Issued common stock to investors for $300,000 in cash and $150,000 in land. Account Nam Dch Credit Purchased a forklift for 575.000 on count Account Name DAN Credit Purchased supplies on count for 55.500 d Account Nam Da Billed customers $60,000 for services performed on account c. Account Nam Debit Credit Used $2.500 in supplies from supplies purused in tramatic) Account Name Dahal Credit Received $45,000 from customers billed in transaction (d) Account Name Dahil Crede Paid creditor $50,000 for forklift purchased in transaction (h.) Ascent Nam Debat Credil Paid dividends of $7.500 ta stockholders 2. Instructions for Posting (200 to 300 words - Apts): 1. Explain the Debit/Credit Rules for increasing and decreasing Asset accounts. b. Provide three meaningful tips for preparing properly formatted journal entries. c. Explain the step-by-step details on how to prepare the Supplies entries: 1- Purchase of supplies 2- Supplies used * Upload and attach your completed excel file to your posting 3. Instructions for Reply to another student (100 to 200 words - 40pts): Choose a student to reply to that completed a different part than you did for your posting, * Please remember: A limit of two students allowed to reply to another student's posting b. Review the other student's journal entry problem and posting to explain: 1- If you would prepare the same or different journal entries for the other student's transactions 2- Meaningful details of what you learned from the reviewing the other student's posting *Alternate b.2.: Or you can explain the three steps in the recording process and how the journal (general journal) makes three significant contributions to the recording process