February 1 Grimes and several others invested

$600,000

cash in the business in exchange for 30,000 shares of capital stock.\ purchase price.\ February 16 Computer equipment was purchased from PCWorld for

$11,100

cash.\ March 1 and April 1. Hi-Way Furnishings did not require that Heartland sign a promissory note.\ February 22 Office supplies were purchased from Office World for

$335

cash.\ February 27 Mailed Hi-Way Furnishings the first installment due on the account payable for office furnishings purchased on February 18.\ February 28 Received

$35

from PCWorld in full settlement of the account receivable created on February 23.\ Required:\ a. Prepare journal entries to record the above transactions. Select the appropriate account titles from the following chart of accounts:\ Cash\ Land\ Accounts Receivable\ Office Building\ Office Supplies\ Notes Payable\ Office Furnishings\ Accounts Payable\ Computer Systems\ Capital Stock\ b. Indicate the effects of each transaction on the company's assets, liabilities, and owners' equity for the month of February. The February 1 transaction is provided for you.\ Complete this question by entering your answers in the tabs below.\ Prepare journal entries to record the above transactions. Select the appropriate account titles from the following chart of accounts.\ Cash\ Land\ Accounts Receivable\ Office Building\ Office Supplies\ Notes Payable\ Office Furnishings\ Accounts Payable\ Computer Systems\ Capital Stock\ Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers\ to the nearest dollar amounts.

February 1 Grimes and several others invested $600,000 cash in the business in exchange for 30,000 shares of capital stock. purchase price. February 16 Computer equipment was purchased from PCWorld for $11,100 cash. March 1 and April 1. Hi-Way Furnishings did not require that Heartland sign a promissory note. February 22 Office supplies were purchased from Office World for $335 cash. February 27 Mailed Hi-Way Furnishings the first installment due on the account payable for office furnishings purchased on February 18. February 28 Received $35 from PCWorld in full settlement of the account receivable created on February 23. Required: a. Prepare journal entries to record the above transactions. Select the appropriate account titles from the following chart of accounts: - Cash - Land - Accounts Receivable - Office Building - Office Supplies - Notes Payable - Office Furnishings - Accounts Payable - Computer Systems - Capital Stock b. Indicate the effects of each transaction on the company's assets, liabilities, and owners' equity for the month of February. The February 1 transaction is provided for you. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the above transactions. Select the appropriate account titles from the following chart of accounts. Cash Land Accounts Receivable Office Building Office Supplies Notes Payable Office Furnishings Accounts Payable Computer Systems Capital Stock Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest dollar amounts