Continental Breakfast Company was formed in 2023. During the year the company had the following events occur: 1. The company issued $100,000 in common shares for cash. 2. The company purchased equipment for $15,000, paying $5,000 down and signing a year, 8% note for the balance. 3. The company hired 4 employees. 4. The company had sales of $250,000. All sales were on account. 5. The company incurred the following expenses: rent: $2,000, salaries: $20,000, advertising $2,000, and utilities $4,000. All expenses were paid in cash. Required 1. Prepare the journal entries to record the above transactions.