Create a journal entry and a T-Account for each of the following transactions :

a. $5,000 of accounts payable is paid in cash.

b. $30,000 of cash is received from taking out a note with the local bank.

c. $10,000 of accounts receivable from last year is received in cash.

d. $7,000 is paid back on the borrowed note.

e. $15,000 worth of equipment is purchased on credit.