Part C3 Below are listed several transactions of Phelps Company during 2016. 1. Provided services to customers for cash, $70,500 2. Purchased land by paying cash, $32,500 3. Paid rent for 6 months, $24,500 4. Acquired cash of $50,500 by issuing common stock 5. Purchased office supplies on account, $5,900 6. Receive payment of $6,500 from a customer for services that will be provided over the next six months. Required: a) Prepare journal entries for each of the preceding transactions, using the general journal format shown below: Event # Account Title Debit Credit