Homework due by next class time Five Star Foods, a marketer and distributor of food service products, serves many organizations The following summarized transactions are typical of those that occurred in a recent year (dollars are in thousands). Purchased plant and equipment for $630 in cash. Borrowed $1,500 from a bank, signing a short-term note. Provided $40,000 in service to customers during the year, with $32,500 on account and the rest received in cash. Paid $5,100 cash on accounts payable. Purchased $27,500 inventory on account. Paid payroll, $4,250 during the year. Received $ 28,000 on account paid by customers. Purchased and used fuel of $1,250 in delivery vehicles during the year (paid for in cash). Declared $600 in dividends at the end of the year to be paid in the following year. Incurred $75 in utility usage during the year; paid $25 in cash and owed the rest on account. Required: For each of the transactions, prepare journal entries