CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION6 Not yet answered Marked out of 10.00 P Flag question Recording Transactions Using Journal Entries and T-Accounts a. Prepare journal entries for each of the transactions 1 through 9 1. Receive $20,000 cash in exchange for common stock. General Journal Description Debit Credit General Journal Credit 2. Purchase $2,000 of inventory on credit. 3. Sell inventory for $3,000 on credit. 5. Collect $3,000 cash from transaction 3 8. Pay $5,000 on a note payable that came due General Journal General Journal General Journal Description Debit Credit Debit Credit Description Debit Credit 6. Acquire $5,000 of equipment by signing a note. 4. Record $2,000 for cost of inventory sold in 3 9. Pay $2,000 cash dividend. General Journal General Journal General Journal Debit Credit Description Debit Credit Description Debit Credit 7. Pay wages of $1,000 in cash. General Journal Debit Credit b. Set up T-accounts for each of the accounts used in part a and post the journal entries to those T-accounts. (The T-accounts vwil Enter your T-account answers in the appropriate row corresponding with the transaction number (1-9) from the above journal entries. not have opening balances.) Cash (A) Inventory (A Note Payable (L) Sales (R) Accounts Receivatle [A) Equipment (A) Cost of Goods Sold (E) 2. 2. 3. 7. 6. Please record additional accounts ex. Wage Expense (E), Accounts Payable (L), Retained Earnings (SE) and Common Stock(SE) 8. Pay $5,000 on a note payable that came due. b.Set up T-accounts for each of the accounts used in part a and post the journal entries to those UESTON6 Not yet enswered Marked out of 10.00 P Flag questio Recording Transactions Using Journal Entries and T-Accounts a.Preparejournal entries for each of the transactions 1 through 1. Receive $20,00 ash in exchange for comman stock. T-accounts. (The T-accounts will not have opening b Enter your T-account answers in the appropriate row corresponding with the transaction number (1-9) from the above journal entries General journa Debit Credit 9 Pay $2,000 cash dividend. i: at. General Journal Debit Credit T.Pey wages of $1,000 n ash