Objective 5 CPA 1.1.1, 1.1.2, 1.2.2 Galle Inc. entered into the following transactions during January: a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cash. c. January 6: Paid $500 to landlord for rent for January. d. January 15: Performed services for customers on account, $10,000. e. January 25: Collected $3,000 from customers for services performed in transaction d. f. January 30: Paid salaries of $2,500 for the current month. Required: Prepare journal entries for the transactions.

Galle Inc. entered into the following transactions during January: a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for cash. c. January 6: Paid $500 to landlord for rent for January. d. January 15: Performed services for customers on account, $10,000. e. January 25: Collected $3,000 from customers for services performed in transaction d. 1. January 30 : Paid salaries of $2,500 for the current month. Required