Glenn Grimes is the founder and president of Heartland Construction, a real estate development venture. The business transactions during February while the company was being organized are listed as follows. Feb. 1 Grimes and several others invested $600,000 cash in the business in exchange for 30,000 shares of capital stock. Feb. 10 The company purchased office facilities for $292,500, of which $97,500 was applicable to the land and $195,000 to the building. A cash payment of $58,500 was made and a note payable was issued for the balance of the purchase price. Feb. 16 Computer equipment was purchased from PCWorld for $10,700 cash. Feb. 18 office furnishings were purchased from Hi-Way Furnishings at a cost of $9,750. A $975 cash payment was made at the time of purchase, and an agreement was made to pay the remaining balance in two equal installments due March 1 and April 1. Hi-Way Furnishings did not require that Heartland sign a promissory note. Feb. 22 Office supplies were purchased from Office World for $315 cash. Feb. 23 Heartland discovered that it paid too much for a computer printer purchased on February 16. The unit should have cost only $340, but Heartland was charged $385. PCWorld promised to refund the difference within seven days. Feb. 27 Mailed Hi-Way Furnishings the first installment due on the account payable for office furnishings purchased on February 18. Feb. 28 Received $45 from PCWorld in full settlement of the account receivable created on February 23. No Date Debit Credit General Journal No Transaction Recorded 1 Feb. 1 2. Feb. 10 No Transaction Recorded 3 Feb. 16 No Transaction Recorded 4 Feb. 18 No Transaction Recorded 5 Feb. 22 No Transaction Recorded 6 Feb. 23 No Transaction Recorded 7 Feb. 27 No Transaction Recorded 8 Feb. 28 No Transaction Recorded