J.K. Builders was incorporated on July 1.

1. Received $79,000 cash invested by owners and issued common stock.
2. Bought an unused field from a local farmer by paying $69,000 cash. As a construction site for smaller projects, it is estimated to be worth $74,000 to J.K. Builders.
3. A lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $19,000, but the supplier gave J.K. Builders a 12 percent discount. J.K. Builders has not yet received the $16,720 bill from the supplier.
4. Borrowed $34,000 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.
5. One of the owners sold $19,000 worth of his common stock to another shareholder for $20,000.

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.)