Glenn Grimes is the founder and president of Heartand construction, a real estate development venture. The business transactions during February while the company was being organized are ilsted as follows: Nebruary 2 Girines and several others invested $500, eoe cash in the business in exchance for 30 , 0a0 shares of capital stock. the buildine. A cash paysent of 567,590 ws made and o note pryable was issued for the balance of the pucchase price. Februacy 16. Computer equiphent was purchased from PCliorld for $15,200 cash. the of purchase, and an agrecenent was made to pay the realning balance in two equal finstalinents due March 1 and Apri1 1. Hi-way Furnishings did not require that Heartland slgn a pronissory note. February 22 - office supplies were purchased froe office World for $325 cash. February 23 heartland discovered that it pald too much for a conputer printer purchased on february 16 , The unit should have cost. only \$35, but. Meartiand was chareed $385. PClorld prosised to refund the difference within seven days. Fetruary 27 . Malied Hi way Furnishings the first instalinent due on the account payable for office fornishings purchased on February 18 . Februacy 28 Recelved 335 from PCliorld in full settlenent of the account recelvabie created an february 23. Required: Q. Prepare journal entres to record the above transactions Select the approprate account tures from the followng chart of accounts. - Cash - Land - Accounts Receivable - Otnce Bullding - Offee suppses - Notes Payable - Office Furnishings - Accounts Payabie - Computer Systems - Captal Stock Glenn Grimes is the founder and president of Heartland Construction, a real estate developme during February while the company was being organized are listed as follows: February 1 Grimes and several others invested $500,000 cash in the business in exchange f February 10 The company purchased office facilities for $337,500, of which $112,500 was ap the building. A cash payment of $67,500 was made and a note payable was issued February 16 Computer equipment was purchased from PCWorld for $15,200 cash. February 18 Office furnishings were purchased from Hi-Way Furnishings at a cost of $9,750. time of purchase, and an agreement was made to pay the remaining balance in tw. April 1. Hi-Way Furnishings did not require that Heartland sign a promissory n February 22 Office supplies were purchased from office World for $325 cash. February 23 Heartland discovered that it paid too much for a computer printer purchased on only $350, but Heartland was charged $385. PCWorld promised to refund the diffe February 27 Mailed Hi-Way Furnishings the first installment due on the account payable for February 18. February 28 Received $35 from PCWorld in full settlement of the account receivable created Required: Indicate the effects of each transaction on the company's assets, lial Note: Amounts to be deducted should be indicated with minus sign. Complete this question by entering your answers in the tabs below. Indicate the effects of each transaction on the company's assets, llabilities, and owners' equity for the month of February. The February 1 transaction is provided for ycu. Noto: Amounts to be defucted ahould be indicated with minus sign. ider and president of Heartland Construction, a real estate development venture. The business transactions e company was being organized are listed as follows: 1 several others invested $500,000 cash in the business in exchange for 30,000 shares of capital stock. purchased office facilities for $337,500, of which $112,500 was applicable to the 1 and and $225,090 to ing. A cash payment of $67,500 was made and a note payable was issued for the balance of the purchase price. tuipment was purchased from PCWorld for $15,200 cash. ishings were purchased from Hi-Way Furnishings at a cost of $9,750. A $975 cash payment was made at the irchase, and an agreement was made to pay the remaining balance in two equal installments due March 1 and i-Way Furnishings did not require that Heartland sign a promissory note. plies were purchased from office World for $325 cash. discovered that it paid too much for a computer printer purchased on February 16. The unit should have cost but Heartiand was charged $385. PCWorld promised to refund the difference within seven days. Way Furnishings the first installment due on the account payable for office furnishings purchased on .8. 35 from PCWorld in full settlement of the account receivable created on February 23. 5 to record the above transactions. Select the appropriate account titles from the following chart of accounts: \begin{tabular}{|c|c|c|c|c|c|} \hline No & Date & & General Journal & Debit & Credit \\ \hline \multirow[t]{3}{*}{1} & February 01 & Cash & 0 & 500,000 & \\ \hline & & Capital stock & 0 & & 500,0000 \\ \hline & & & & & \\ \hline \multirow[t]{4}{*}{2} & February 10 & Land & 0 & 112,500 & \\ \hline & & Office building & 0 & 225,000 & \\ \hline & = & Cash & 0 & & 67,500 \\ \hline & & Notes payable & 0 & & 270,000 \\ \hline 5 & & & & & \\ \hline \multirow[t]{3}{*}{3} & February 16 & Computer systems & ( & 15,200 & \\ \hline & & Cash & 0 & & 15,200 \\ \hline & & & & & \\ \hline \multirow[t]{4}{*}{4} & February 18 & Office furnishings & 0 & 9,750 & \\ \hline & & Accounts payable & 0 & & 8,775 \\ \hline & & Cash & 0 & I & 975 \\ \hline & & & + & & \\ \hline \multirow[t]{3}{*}{5} & February 22 & Office supplies & 0 & 3250 & \\ \hline & & Cash & 0 & + & .3250 \\ \hline & +1 & & & & \\ \hline \multirow[t]{3}{*}{6} & February 23 & Accounts receivable & 0 & 350 & x+2 \\ \hline & & Computer systems & 0 & & 350 \\ \hline & + & & & & = \\ \hline \multirow[t]{3}{*}{7} & February 27 & Accounts payable & 0 & 43,875 & \\ \hline & & Cash & 0 & 34,875 & \\ \hline & & & & + & +2 \\ \hline \multirow[t]{2}{*}{8} & February 28 & Cash & 0 & 350 & \\ \hline & & Accounts receivable & 0 & & 350 \\ \hline \end{tabular} Royuired A Required B