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Sleuments and Journal entries Seved 3 Problem 3.1A (Algo) Journalizing Transactions (LO3-3, LO3-4, LO3-5) ts eBook Glenn Grimes is the founder and president of Heartland Construction, a real estate development venture. The business transactions during February while the company was being organized are listed as follows. Feb. 1 Grimes and several others invested $600,000 cash in the business in exchange for 30,000 shares of capital stock. Feb. 10 The company purchased office facilities for $285,000, of which $95,000 was applicable to the land and $190,000 to the building. A cash payment of $57,000 was made and a note payable was issued for the balance of the purchase price. Feb. 16 Computer equipment was purchased from PCWorld for $12,800 cash. Feb. 18 office furnishings were purchased from Hi-Way Furnishings at a cost of $8,850. A $885 cash payment was made at the time of purchase, and an agreement was made to pay the remaining balance in two equal installments due March 1 and April 1. Hi-Way Furnishings did not require that Heartland sign a pronissory note. Feb. 22 Office supplies were purchased from Office World for $375 cash. Feb. 23 Heartland discovered that it paid too much for a computer printer purchased on February 16. The unit should have cost only $350, but Heartland was charged $395. PCWorld promised to refund the difference within seven days. Feb. 27 Mailed Hi-Way Furnishings the first installment due on the account payable for office furnishings purchased on February 18. Feb. 28 Received $4s from PCWorld in full settlement of the account receivable created on February 23. Required: a. Prepare Journal entries to record the above transactions. Select the appropriate account titles from the following chart of accounts. ASK Print Werences Cash Accounts Receivable Office Supplies Office Furnishings Computer Systems Land Office Building Notes Payable Accounts Payable Capital Stock b. Indicate the effects of each transaction on the company's assets, liabilities, and owners' equity for the month of February. The Feb. 1 transaction is provided for you Required A Required 40 points Prepare journal entries to record the above transactions. If no entry is required for a transaction event, select "No journal entry required in the first account held. Round your final answers to the nearest dollar amounts View transaction is Book Journal entry worksheet 5 6 7 Record the issuance of 30,000 shares of Capital Stock 8 > References better bits before credits General Journal Debit Credit Duta Feb. 1 View general journal Record entry Clear entry Regredo Next