Exercise 4-7 (Algo) Write journal entries LO 6 The transactions relating to the formation of Blue Co Stores Inc, and as first month of operations folow The firm was organized and the stockholders invested cash of $7,500 b. The firm bonowed $4,200 from the bank; a short-term note was signed e. Display cases and other store equipment costing $1.700 were purchased for cash. The original tist price of the equipment was $1.930, but a discount was received because the seller was having a sale d. A store location was rented, and $1,300 was paid for the first month's rent e. Inventory of $15.400 was purchased $8.100 cash was paid to the suppliers, and the balance wil be paid within 45 days t. During the first week of operations, merchandise that had cost $3,900 was sold for $5,400 cash 9. A newspaper ad costing $40 was amanged for &ran during the second week of the store's operations. The ad will be paid for in the next month h. Additional inventory costing $4,500 was purchased, cash of $1300 was paid, and the balance is due in 30 days L in the last three weeks of the first month, sales totaled $14,250, of which $9,800 was sold on account. The cast of the goods sold totaled $9,000 J. Employee wages for the month totaled $2,000; these will be paid during the first week of the next month k. The firm colected a total of $3,300 from the sales on account recorded in transaction L The firm paid a total of $4,850 of the amount owed to suppliers from transaction Required Prepare the joumal entries for each of these transactions (if no entry is required for a transaction/event, select "No journal entry required in the first accountfield) Journal entry worksheet 5 7 The firm was organized and the stockholders invested cash of $7,900. 14