Make the initial correct entries into the accounting system for the following transactions: a) Company borrows $3.0 million from a bank with interest at 6% per year due and payable in five years Answer: Debit Credit b) The University of Alabama Football Team sells out its entire home season of five games by April 2021. The season begins the first weekend of September. Stadium capacity is 80,000 and tickets are priced at $50 each. Assume all sales are made by April 15 Prepare the accounting entry as of April 1, 2021 Answer: Debit Credit c) The sole proprietor of Desmond Hardware invests $100,000 to start this new business Answer Debit Credit d) John Desmond, Proprietor of Desmond Hardware withdraws $5,000 to go on a business trip to a Hardware Convention in Chicago. Answer: Debit Credit