J.K. Builders was incorporated on July 1. a. Received $83,000 cash invested by owners and issued common stock. b. Bought an unused field from a local farmer by paying $73,000 cash. As a construction site for smaller projects, it is estimated to be worth $78,000 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 $23,000, but the supplier gave J.K. Builders a 10 percent discount. J.K. Builders has not yet received the $20,700 bill from the supplier. d. Borrowed $38,000 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. One of the owners sold $23,000 worth of his common stock to another shareholder for $24,000. e. Prepare journal entries for the above transactions from the first month of business. (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 2 3 Received $83,000 cash invested by owners and issued common stock. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal