Chapter 2 Journal Entries Raul Rubio Record each Raul Rubio, a CPA, opened a business and had the following transactions transaction with a journal entry 1. Rubio invested $75,000 in cash and received 1,000 shares. 2. Paid $6,000 for rent for the next four months. 3. Obtained a bank loan for $15,000 and signed a note payable. The note is payable at the end of one year and the annual interest rate is 8%. 4. Purchased $12,000 of equipment on account. The equipment will be used for 10 years with no residual value. 5. Purchased $1,000 of supplies for cash. 6. Received $2,000 from customers for services performed. 7. Paid $3,000 on the equipment purchased earlier. 8. Paid employees' salaries of $1,300. 9. Sent bills to customers for $6,000 for services performed. 10. Paid a dividend of $1,000 to Raul Rubio. 11. Received the utility bill for $800 but did not pay it