NOTE: You should have four questions worth 80 points here. After you complete and hand them in, you will be provided with the 5th question worth 20 points. 1. (20 points) Give the general journal entries in good form for each of the following transactions for Randolph Corporation for April 2021 (omit explanations), which is the last month of the fiscal year. a) Randolph Corporation issued 8,000 shares of common stock for $80,000 in cash on April 1, 2021. b) Randolph Corporation paid $18,000 for a one-year insurance policy on April 1, 2021. Assume that the appropriate asset account is debited. c) On April 1, 2021, Randolph Corporation gave a signed note to a supplier for $100,000 to purchase equipment with an expected 8-year life. d) Randolph Corporation purchased $75,000 of inventory on account on April 1, 2021 (the perpetual inventory system is used). e) Randolph Corporation paid $5,000 for Supplies on April 1, 2021. Assume the appropriate asset account is debited. f) Randolph Corporation sold merchandise for $90,000 on April 10, 2021. Ten percent was collected in cash and the balance was on account. The cost of the merchandise was $40,000. g) Randolph Corporation collected $45,000 on April 24, 2021, from a customer for services to be performed in May 2021. h) Randolph Corporation paid $12,000 in salaries to employees on April 25, 2021, for the first half of April. i) On April 30, 2021, Randolph Corporation paid $25,000 to suppliers for merchandise purchased on April 1, 2021.