Journal Entries and Ledgers

During the current financial period, the following transactions took place for Corona Ltd:

$1.$ Received cash amounting to $$31,000$ from customers.

$2.$ Additional cash contribution from shareholders amounting to $$266,000.$

$3.$ Purchased inventory amounting to $$26,800$ in cash.

$4.$ Sold goods on credit totalling $$78,500.$ The original cost of the goods sold is $$54,500.$

$5.$ Repaid loan $$82,600$ to the bank.

The following opening balances existed before the above transactions took place:

Account name

Opening balance

Cash

$$448,000$

Inventory

$$201,000$

Accounts receivable

$$81,000$

Loan payable

$$340,000$

Share capital

$$390,000$

Required:

$($a$)$ Record the effect of the above transactions in the journal entries below.

Important:

Enter amounts without dollar sign, minus sign, or thousand separators $($e$.$g$.,$ $$45,000$ should be entered as $45000).$