Need Help Journalize the transactions.

Billy Bob's Bikes Transactions 1. March 1: Stockholder's invest $501,000 into the company in exchange for Billy Bob's Bikes 2. March 1: Billy Bob bought some land for $76,345. 3. March l: Billy Bob purchased a building for $378.000 using $78,000 cash and then borrowing common stock. the rest from the bank. The loan from the bank will be paid off over the next 8 years (1/8 of the principal will be paid off at the end of each year). The loan carries an Interest accrued will be paid off at the end of every year. The building has an expected life of 25 ycars, a salvage value of $176,400, and will be depreciated using the straight-line method. interest rate of 8.88%. 4. March 1: Billy Bob paid in advance for a 6-month insurance policy, which will begin today. He paid $25,416 cash for the policy. March 2: Billy Bob purchased 22 bikes from Biker's Bargains. Each bike cost $6,200 and the credit terms are 3/15, n/30. (Note: Bikes are considered Inventory) 5. 6. March 2: Biker's Bargains paid FedEx $3,308 cash to ship the bikes to Billy Bob. 7. March 3: Billy Bob purchased $999 worth of supplies from Oliver's Office Supplies paying cast. 8. March 6: Billy Bob sold 14 bikes to Carl's Cars for S6,950 each with credit terms of 2/10, n/30. 9. -March 6: Billy Bob paid DHL $2,002 cash to ship the bikes to Carl's Cars. 10. March 8: Billy Bob paid off the balance due from Biker's Bargains 11. March 10: Carl's Cars returned two of the bikes because parts were falling off of them. The cost The total cost of the bikes was figured out to be $86,800. of the bikes to Billy Bob was figured out to be $12,400. March 11: Billy Bob purchased 27 more bikes from Biker's Bargains. Each bike cost S6,300 and the credit terms are 4/10 EOM, n/60. 12. 13. March 12: Billy Bob paid UPS $4,104 cash to ship the bikes he bought from Biker's Bargains 14. March 15: Billy Bob bought a Bike Making Machine for $198,000 using $39,000 cash and then borrowing the rest from the bank. The loan will be paid off over the next 4 years (1/4 of the principal will be paid at the end of each year). The loan carries an interest rate of 7.20 percent. Interest accrued will be paid off at the end of every year. The Bike Making Machine has an expected life of 10 years, no salvage value and will be depreciated using the straight-line method. March 17: Billy Bob returned 4 of the bikes he bought from Biker's Bargains. They credited S25.200 to his account. 15. 16. March 18: Carl's Cars paid his balance off for the bikes he purchased