Exercise 2-14 a-b Selected transactions for Pharoah Company during its first month in business are presented below. Sept. 1 5 25 Stockholders invested $11,500 cash in the business in exchange for common stock. Purchased equipment for $13,500 paying $2,600 in cash and the balance on account. Paid $1,720 cash on balance owed for equipment. Declared and paid a $510 cash dividend. 30 Pharoah's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividen Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Post the transactions using the standard account form. (Post entries in the order of journal entries presented in the previous part.) Cash Date No. 101 Balance Explanation Ref. Debit Credit J1 11 7 J1 J1 Equipment Date No. 157 Balance Explanation Ref. Debit Credit J1 Accounts Payable Date Explanation Ref. No. 201 Balance Debit Credit J1 11 Common Stock Date Explanation Ref. No. 311 Balance Debit Credit J1 Dividends Date No. 332 Balance Explanation Ref. Debit Credit J1