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 $500,000 cash in the business in exchange for 30,000 shares of capital stock. Feb. 10 The company purchased office facilities for $337,500, of which $112,500 was applicable to the land and $225,000 to the building. A cash payment of $67,500 was made and a note payable was issued for the balance of the purchase price. Feb. 16 Computer equipment was purchased from PCWorld for $11,200 cash. Feb. 18 Office furnishings were purchased from Hi-Way Furnishings at a cost of $9,550. A $955 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 $365 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. Required: a. Prepare journal entries to record the above transactions. Select the appropriate account titles from the following chart of accounts. Cash Accounts Receivable Office Supplies Office Furnishings Computer Systems Land Office Building Notes Payable Accounts Payable Capital Stock b. Indicate the effects of each transaction on the company's assets, liabilities, and owners' equity for the month of February. The Feb. 1 transaction is provided for you. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record the above transactions. (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.) View transaction list Journal entry worksheet > 1 2 3 4 5 6 7 8 Record the issuance of 30,000 shares of Capital Stock. Note: Enter debits before credits. Date Feb. 1 General Journal Debit Credit Record entry Clear entry View general journal Prepare journal entries to record the above transactions. (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.) View transaction list Journal entry worksheet < 1 2 3 45678 Record the purchase of land and office building. Note: Enter debits before credits. Date Feb. 10 General Journal Debit Credit Record entry Clear entry View general journal Prepare journal entries to record the above transactions. (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.) View transaction list Journal entry worksheet 12 3 4 5 6 7 8 > Record the purchase of computer equipment. Note: Enter debits before credits. Date Feb. 16 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B Prepare journal entries to record the above transactions. (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.) View transaction list Journal entry worksheet < 1 2 3 + 5678 Record the purchase of office furnishings. Note: Enter debits before credits. Date Feb. 18 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal e required" in the first account field. Round your final answers to the nearest dollar amounts.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record the purchase of office supplies. Note: Enter debits before credits. Date Feb. 22 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B Prepare journal entries to record the above transactions. (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.) View transaction list > 6 7 8 Journal entry worksheet < 12345 Record the entry for refund due from PCWorld. Note: Enter debits before credits. Date Feb. 23 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B Prepare journal entries to record the above transactions. (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.) View transaction list Journal entry worksheet < 1 2 3 456 > 7 8 Record the entry for payment made on an account payable. Note: Enter debits before credits. Date Feb. 27 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B Prepare journal entries to record the above transactions. (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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the entry for cash refunded by PCWorld. Note: Enter debits before credits. Date Feb. 28 00 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Indicate the effects of each transaction on the company's assets, liabilities, and owners' equity for the month of February. The Feb. 1 transaction is provided for you. (Amounts to be deducted should be indicated with minus sign.) Date Feb. 1 Feb. 10 Assets $ 500,000 Cash Feb. 16 Feb. 18 Feb. 22 Feb. 23 Feb. 27 Feb. 28 Liabilities < Required A Required B > Owners' Equity $ 500,000 Capital stock