Complete journal entries for the transactions shown.

1. 1/2/16 issued 10,000 shares of stock to investors consisting of friends and family. Shares were sold at par value of $10 each.

2. 1/15/16 Received a loan of $300,000 from the bank.

3. 2/1/16 Puchased a building for office and retail space for $240,000. They paid 20% down in cash and signed a long-term mortgage note for the rest.

4. 2/1/16 Paid $1,200 in cash to purchase display equipment for the shoe showroom.

5. 2/1/16 The company purchased a six month insurance policy and paid cash in advance of $1,170.

6. 2/3/16 Purchased shoe inventory on account for $92,500.

7. 2/26/16 Recorded shoe sales to a local basketball team, sold on account for $3,900.

8. 3/1/16 Paid $60,000 of the Account Payable for the shoe inventory to the supplier.

9. 3/27/16 The company received a cash payment in full from the local basketball team.

10. 3/31/16 Shoe sales in cash for February and March were $36,700.

11. 3/31/16 Cost of Goods Sold for the February and March sales (cash and credit) were $22,330.

12. 3/31/16 Salaries and wages expense for February and March combined was $13,500. Of this total, $12,000 was paid in cash and $1,500 will be paid in April.

13. 3/31/16 The company records depreciation monthly. The building has a useful economic life of 40 years and the company uses the straight line depreciation method.

14. 3/31/16 The company records depreciation monthly. The display equipment has a useful economic life of 10 years and the company uses the straight line depreciation method.

15. 3/31/16 Insurance expense for Feb and March is 1/3 of the amount paid in advance.