CHAPTER 2 QUIZ The following transactions occurred for a new company: 1. Investors invested $300,000 cash in the business in exchange for common stock 2. The company purchased equipment for $40,000. The company paid $10,000 and signed a note for the remaining $30,000. 3. The company purchased $90,000 in inventory on account 4. The company billed a customer for sale for $120,000. The inventory that was sold cost $70,000. 5. The company paid $5,000 in expenses 6. The company paid a two-year insurance policy in advance for $6,000 7. The company paid $70,000 on account for the inventory purchased earlier 8. The company collected $55,000 from customers previously billed 9. The company purchased 1,000 supplies on account Required Using the spreadsheet provided, record the transactions on the spreadsheet. Make sure to enter decreases as negative amounts The spreadsheet will calculate totals in each account At the bottom of the spreadsheet, calculate the totals that would appear on the financial statements Please make sure the balance sheet before posting your answers to Blackboard