Need to see what the journal entry would be for all of the scenerios. So, what do you debt and what would you credit?

You are presented with a series of transactions for Alban Corp ("Al"). Assume that these transactions are the only transactions that have occurred since the formation of the firm. Based on those transactions, prepare and submit each of the following financial statements for Al: 1. Comparative, Classified Balance Sheets as of 12/31/2013 and 12/31/2014. You cain find a number of acceptable Balance Sheet account titles in Chapter 6 (pages 226- 228) of the textbook. 2. Income Statement for the Year ended 12/31/2014. 2013 Transactions: 7/1/13: Al issues 8,000 shares of $2 par value Common Stock in return for $80,000 in cash. 1. 2. 8/1/13: Al pays for an insurance policy that covers the period 2/1/14 7/31/14. Al pays the entire $4,200 amount in cash on 8/1/13 3. 10/1/13: Al signs a contract to rent a building for 12 months at a rate of $1,200 month. The contract begins on 3/1/14. Al makes an initial payment of $6,000 and will pay the remainder of the rental fees at the end of the contract (2/28/15) 4. 10/1/13: Al signs an employment agreement with Jane Smith. Ms. Smith will begin working on 1/1/14, earning $180,000 per year. She will be paid on the 15th of each month for the prior month's work (e.g., her first paycheck will be issued on February 15th, as payment for January's services). [Assume all of these payments are made - they will not be shown explicitly in this list of transactions.] 5. 11/1/13: Al buys (and receives) 4,800 cases of merchandise inventory for $252,000 on account. 6. 11/15/13: Al receives $45,000 in cash from a customer for goods to be delivered in February 2014