KIDZFIRST opened as a child-care facility on January 1, Year 1. Use the Chart of Accounts below to complete the requirements on the following pages for KIDZFIRST Child Care. KIDZFIRST CHILD CARE CHART OF ACCOUNTS 110 120 130 135 140 150 170 171 Cash Accounts receivable Note receivable Interest receivable Supply inventory Prepaid rent Property, plant, and equipment Accumulated depreciation -- PPE 210 Accounts payable 220 Notes payable 230 Interest payable 240 Unearned revenue 310 320 330 Common stock Retained earnings Dividends 410 Revenue 420 Interest revenue 510 Cost of goods sold 520 Depreciation expense 530 Rent expense 540 Supply expense 550 Wage expense 560 Interest expense Note: Add other accounts if needed. KIDZFIRST CHILD CARE-Year 1 Qi The following transactions occurred during Year 1, the first year ofbusiness, for KIDZFIRST Child Care. Record each transaction in proper journal entry format below using debits and credits. KIDZFIRST Child Care GENERAL JOURNAL-Year 1 Date Accounts Debit Credit TJE #1 On January 2, KIDZFIRST received $150,000 in cash from investors in exchange for shares of KIDZFIRST common stock. Jan 2 Cash 150,000 Common stock 150,000 TJE #2 On January 2, KIDZFIRST paid $40,000 for a two-year lease of the building. The prepaid rent account was used to record this entry. Jan 2 TJE #3 On February 1, KIDZFIRST purchased tables, chairs, cots, and other furniture for $15,000. $5,000 was paid in cash with the balance on a note payable due in one year bearing 12% annual interest. This furniture has an estimated useful life of 5 years and is depreciated monthly using the straight-line method with no expected residual value. Feb 1 TJE #4 On February 1, KIDZFIRST purchased supplies at a cost of $40,000. Paid cash. Feb 1 TJE #5 During Year 1, KIDZFIRST provided child-care services on account totaling $140,000. Year 1 TJE #6 During Year 1, collections from receivable customers totaled $135,000. Year 1 TJE #7 During Year 1, paid employees $70,000. Year 1