During January, Smith Company completed the following transaction: Jan. 1 Smith received $45,000 cash, which in turn issued its ordinary shares to him. Jan. 5 Paid $4,000 cash and signed a $7,000 notes payable to purchase equipment. Borrowed $20,000 from the bank for business use. Smith signed a notes payable to the bank in the name of the business. Jan. 8 Jan. 11 Service revenue earned during the month included $30,000 cash and $8,000 on account Jan.13 Purchased a machines for $7,000 cash. Jan.20 Paid $15,000 from the amount due in Jan. 8. Jan.21 Paid salary expenses $3000, and utility expenses $2,500 Jan.25 Received $6,000 as a partial collection from the customer. Jan. 31 Declared and paid a cash dividend of $15,000 Required: 1- Prepare the journal entries for Smith Co. 2- Post cash account only