JK. Builders was incorporated on July 1. a. Received $70,000 cash invested by owners and issued common stock. b. Bought an unused field from a local former by paying $60,000 cash. As a construction site for smaller projects, it is estimated to be worth $65,000 to J.K. Builders. c. A lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $10,000, but the supplier gave J.K. Bulders a 10 percent discount. JK. Builders has not yet received the $9,000 bill from the d. Borrowed $25,000 from the bank with a plan to use the funds to build a small workshop in August. The loan must be repaid in two years. e. One of the owners sold $10,000 worth of his common stock to another shareholder for $1,000 Prepare journal entries for the above transactions from the first month of business. (If no entry is requlred for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View Journal entry worksheet No Transaction General Journal Dobit Credit 1 Cash Common Stock 79,000 69,000 16,720 34,000