Murphy & Keens CPAs decided to open its own tax practice, Mighty Tax, Inc. The following transactions are the events that occurred during March, the company's first month i (Click the icon to view the transactions.) Requirement 1. Give the journal entry for each transaction. Set up the required T-accounts and post the entries to these accounts. Prepare an unadjusted trial balance. Requirement 1. Give the journal entry for each transaction. Post the entries to T-accounts. Prepare an unadjusted trial balance. Begin by giving the journal entry for each transaction. (Record debits first, then credits. Explanations will appear on the last line of the entry. If no entry is required select "No entry" on the first line of the Accounts and Explanations column and leave the rest of the table blank.) March 1: Murphy and Keens each donated $70,000 cash in exchange for common stock. They (Mighty Tax, Inc.) also signed a note with Towne Bank for $80,000 Prepare a compound entry. Date Accounts and Explanation Ref. Debit Credit 1Common stock.... 70000 Mar - . 1-1 Accounts receivable 80000 i More Info March 1 Murphy and Keens each donated $70,000 cash in exchange for common stock. They also signed a note with Towne Bank for $80,000 2 Mighty Tax paid $22,800 prepaid rent for the first year Office equipment was purchased on account for $13,500 11 16 The company purchased insurance for two years with S4,500 cash. The policy was effective April 1 18 A discolored piece of office equipment arrived and the supplier agreed to remove $3,200 from Mighty Tax's account The company purchased some office furniture on sale worth $7,5 Mighty Tax paid off balance owed on the equipment 25 on account. 28 30 An office manager was hired at a rate of $180 a day. The start date is April 1. Print Done