For this question please write out the following journal entries for each event!

Borrow $100,000 of cash from the bank to fund operations. Borrow from the bank for 1 year with an APR of 6%. The principal and interest are due at the end of 1 year. Loans Purchase a Lemonade Truck to sell Lemonade on the go. Pay cash for a cost of $25,000 with a salvage value of $5,000. Estimated Useful Life is 5 years. Purchase Assets Purchase Assets Purchase a 2 year insurance policy for $24,000. Pay cash for the purchase of Specialty Canned Lemonade Inventory in a variety of Flavors - $1.00 per can. Purchased 100,000 cans. Purchase Inventory Sold 22,000 total cans of Lemonade. 12,000 cans were sold for cash on site at City Park for $3.00/can. 10,000 cans were sold for cash at the baseball game for $5.00/can. Week 1 Revenue Week 1 COGS Record the COGS Expense for Week 1 Revenue. Sold 30,000 total cans of Lemonade. 20,000 cans were sold for cash on site near the orange food truck for $3.00/can. 10,000 cans were sold on account to the Accounting Department for Open House $2.00/can. Week 2 Revenue Week 2 COGS Record the COGS Expense for Week 2 Revenue. Sold 32,000 total cans of Lemonade. 20,000 cans were sold on account to the Athletic Department for $5.00/can. 12,000 cans were sold for cash on site at City Park for $3.00/can. Week 3 Revenue Week 3 COGS Record the COGS Expense for Week 3 Revenue. Sold 15,000 total cans of Lemonade on account to Boys and Girls Club for $2.00/can. Week 4 Revenue Week 4 COGS Record the COGS Expense for Week 4 Revenue. Hired 2 employees to sell Lemonade during the month. They worked for 100 hours total for $15/hour and they will be paid the following month Expenses Expenses Defer and recognize the use of the insurance policy for one month. Accrue and recognize the interest expense on the note for one month. Expenses Purchased gas for the Lemonade Truck for the month. Used the company credit card 4 times and spent a total of $800 for gasoline. Expenses Purchased on account and then gave away this month keychains and koozies to customers for advertising. Total cost of the keychains and koodize that were gave away to customers was $1,500. Expenses Defer and recognize the use of the Lemonade Truck for one month. Expenses Borrow $100,000 of cash from the bank to fund operations. Borrow from the bank for 1 year with an APR of 6%. The principal and interest are due at the end of 1 year. Loans Purchase a Lemonade Truck to sell Lemonade on the go. Pay cash for a cost of $25,000 with a salvage value of $5,000. Estimated Useful Life is 5 years. Purchase Assets Purchase Assets Purchase a 2 year insurance policy for $24,000. Pay cash for the purchase of Specialty Canned Lemonade Inventory in a variety of Flavors - $1.00 per can. Purchased 100,000 cans. Purchase Inventory Sold 22,000 total cans of Lemonade. 12,000 cans were sold for cash on site at City Park for $3.00/can. 10,000 cans were sold for cash at the baseball game for $5.00/can. Week 1 Revenue Week 1 COGS Record the COGS Expense for Week 1 Revenue. Sold 30,000 total cans of Lemonade. 20,000 cans were sold for cash on site near the orange food truck for $3.00/can. 10,000 cans were sold on account to the Accounting Department for Open House $2.00/can. Week 2 Revenue Week 2 COGS Record the COGS Expense for Week 2 Revenue. Sold 32,000 total cans of Lemonade. 20,000 cans were sold on account to the Athletic Department for $5.00/can. 12,000 cans were sold for cash on site at City Park for $3.00/can. Week 3 Revenue Week 3 COGS Record the COGS Expense for Week 3 Revenue. Sold 15,000 total cans of Lemonade on account to Boys and Girls Club for $2.00/can. Week 4 Revenue Week 4 COGS Record the COGS Expense for Week 4 Revenue. Hired 2 employees to sell Lemonade during the month. They worked for 100 hours total for $15/hour and they will be paid the following month Expenses Expenses Defer and recognize the use of the insurance policy for one month. Accrue and recognize the interest expense on the note for one month. Expenses Purchased gas for the Lemonade Truck for the month. Used the company credit card 4 times and spent a total of $800 for gasoline. Expenses Purchased on account and then gave away this month keychains and koozies to customers for advertising. Total cost of the keychains and koodize that were gave away to customers was $1,500. Expenses Defer and recognize the use of the Lemonade Truck for one month. Expenses