er 2 H Help t the beginning of August, Joel Henry founded Bookmart.com, which sells new and used books online. He is passionate about books ut does not have a lot of accounting experience. The company purchased equipment for $4,500 cash. The equipment is expected to be used for 10 or more years Joel's business bought $7,500 worth of inventory from a publisher. The company will pay the publisher within 45-60 days. Joel's friend Sam lent $4,500 to the business. Sam had Joel write a note promising that Bookmart.com would repay the $4,500 in four months. Because they are good friends, Sam is not going to charge Joel interest. company paid $1,750 cash for books purchased on account earlier in the month. Bookmart.com repaid the $4.500 loan established in (. epare journal entries for the above transactions. (If no entry is required for a transaction/event, select "N the first account field.) View t tion list Journal entry worksheet t for $4,500 cash. The equipment is expected to be used for 10 or more years. Record the transaction Journal entry worksheet 2 345 The company purchased equipment for $4,500 cash. The equipment is expected to be used for 10 or more years. Record the transaction. Note: Enter debits before credits. ces Debit Clear entry 3 of 13 KPrev