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Eournal Entries Lo-12 During July 2017, Krogue, Inc., completed the following transactions. Prepare the journal entry for each transaction. July 2 Received $320,000 for 80,000 shares of capital stock. 4 Purchased $100,000 of equipment, with 75% down and 25% on a note payable. 5 Paid utilities of $2,300 in cash. 9 Sold equipment for $15,000 cash (no gain or loss). 13 Purchased $250,000 of supplies, paying 30% down and 70% on credit. 14 Paid $6,000 cash insurance premium for July. 18 Provided services for $81,000 to customers on account to be paid at a later date. 20 Collected $8,500 from accounts receivable. 24 Provided services for $43,000 to customers for cash. 27 Paid property taxes of $1,200. Journal Entries The following transactions are for Pickard Construction Company: a. The firm bought equipment for $64,000 on credit. b. The firm purchased land for $450,000,$160,000 of which was paid in cash and a note payable signed for the balance. c. The firm paid $41,000 it owed to its suppliers. d. The firm arranged for a $225,000 line of credit (the right to borrow funds as needed) from the bank. No funds have yet been borrowed. e. The firm sold some of its products for 531,000518,000 for cash, the remainder on account. f. Cost of sales in (e) are $22,000. g. The firm borrowed $84,000 on its line of credit. h. The firm paid a $10,000 cash dividend to its stockholders. i. An investor invested an additional 560,000 in the company in exchange for additional capital stock. j. One of the primary investors borrowed 590,000 from a bank. The loan is a personal loan. k. The firm repaid $16,000 of its line of credit. 1. The firm received a $1,000 deposit from a customer for a product to be sold and delivered to that customer next month. Apalyze and record the transactions as journal entries