III. Prepare journal entries to record the following transactions. (14%, 2% each entry) Lancet Engineering completed the following transactions in the month of June. 1. Jenna Lancet, the owner, invested $195,000 cash, office equipment with a value of $8,200, and $80,000 of drafting equipment to launch the company. 2. The company paid $2,300 cash for the premium on an 18-month insurance policy. 3. The company purchased 24,000 of additional drafting equipment by paying $9,600 cash and signing a long-term note payable for $14,400. 4. The company completed engineering services for $23,000 on credit. 5. The company received a bill for rent of equipment that was used on a recently completed job. The $1,410 rent cost must be paid within 30 days. 6. The company paid $970 cash for minor maintenance of its drafting equipment. 7. J. Lancet withdrew $10,450 cash from the company for personal use. IV. Prepare journal entries to record the following transactions for a merchandising company. Assume a perpetual inventory system. (14%, 2% each entry) Apr. 1 Sold merchandise for $5,000, granting the customer terms of 2/10, EOM; invoice dated Apr. 1. The cost of the merchandise is $3,000. 2 Sold Merchandise that had cost $1,700 for $2,100 cash. 4 The customer in the Apr. 1 sale returned merchandise and received credit for $1,000. The merchandise, which had cost $600, is returned to inventory. 11 Received I payment for the amount due from the Apr.1 sale less the return on Apr. 4.