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<\/p> M2-15 Identifying Transactions and Preparing Journal Entries (LO 2-3] 75 points At the beginning of August, Joel Henry founded Bookmart.com, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. eBook Print a. The company purchased equipment for $4,000 cash. The equipment is expected to be used for 10 or more years. b. Joel's business bought $7,000 worth of inventory from a publisher. The company will pay the publisher within 45-60 days. c. Joel's friend Sam lent $4,000 to the business. Sam had Joel write a note promising that Bookmart.com would repay the $4,000 in four months. Because they are good friends, Sam is not going to charge Joel interest. d. The company paid $1,500 cash for books purchased on account earlier in the month e Bookmail.com repaid the $4,000 loan established in (c). References Prepare journal entries for the above transactions. (If no entry is required for a transaction\/event, select \"No Journal Entry Required\" in the first account field.) View transaction list Journal entry worksheet Type here to search", "transcribed_text": "", "related_book": { "title": null, "isbn": null, "edition": null, "authors": null, "cover_image": null, "uri": null, "see_more_uri": "" }, "free_related_book": { "isbn": "", "uri": "", "name": "", "edition": "" }, "question_posted": "2024-09-14 00:05:24", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/business-analytics-communicating\/which-of-the-following-sentences-is-most-conventional-in-spelling-2008745", "description": "Which of the following sentences is most conventional in spelling, punctuation, and mechanics? a. Please return the voltmeter to its case. b. Please return the voltmeter to its case. c. 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