Instructions Prepared journal entries for each of the following transactions. 1. Started business by issuing 10,000 shares of common stock for $20,000. 2. Leased a building for three years at $500 per month and paid six months' rent in advance. 3. Purchased equipment for $5,400, signing a two-year, 10% note. 4. Purchased $1,800 of supplies on account. 5. Recorded cash sales of $800 for the first week. 6. Paid weekly salaries, $320. 7. Paid for supplies purchased in item (4). 8. Recorded depreciation on equipment, $50