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Week 3 ezto.mhed tpx M2-15 Identifying Transactions and Preparing Journal Entries ILO 2-3 Joel Henry founded Bookmart.com at the beginning of August, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. a. The company purchased equipment for $4,500 cash. The equipment is expected to be used for 10 or b. Joers business bought $7,500 worth of inventory from a publisher. The company will pay the publisher c. Joers friend Sam lent $4,500 to the business. Sa more years within 45-60 days. would repay the $4,500 in four months. Because they are good friends, Sam is not going to charge Joel m had Joel write a note promising that Bookmart.com interest d. The company paid $1,750 cash for books purchased on account earlier in the month e. Bookmart.com repaid the $4,500 loan established in (c). Prepare journal entries for the above transactions. (If no entry is required for a transactionlevent, select "No Jour Required" in the first account field.) View transaction list Journal entry worksheet 1112345 The company purchased equipment for $4,500 cash. The equipment is expected to be used for 10 or more years. Record the transaction. Note: Enter debits before credits. Transaction General Journal DebitCredit Equipment Cash 4,500 4,500