Part 1: Prepare the company's journal entry and answer the questions. 1. The company sold $25,000 of common stock to R Jones. ACCOUNT NAME DEBIT CREDIT DATE 1/30/03 Did you increase or decrease Assets ?* Did you increase or decrease Liabilities ?* Did you increase or decrease Equity?* Does this entry increase or decrease net income?* *(can note that there is no change as an answer) 2. The company purchased a vehicle for $6,000. The company paid $3,000 in cash and the remaining balance is in a long term note payable. ACCOUNT NAME DEBIT CREDIT DATE 1/30/03 Did you increase or decrease Assets? Did you increase or decrease Liabilities?* Did you increase or decrease Equity?* Does this entry increase or decrease net income?* *(can note that there is no change as an answer)