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QUESTION 1 10 p JOURNAL ENTRY PRACTICE (not graded) The following is a list of transactions for ABC Corporation which occurred during the month of January 2020 Required: In the space provided below, prepare the journal entries - in proper form - for each transaction. Be sure to clearly label your answers (#1, #2, etc.). Helpful Hints: You can increase the size of the text box you are typing in by clicking on the three diagonal lines in the bottom right hand corner and dragging it downward. This can make it much easier to work in When typing in Blackboard, the Tab key will not work. You must use the space bar to move the cursor to the right Transactions: 1. The business was incorporated on 1/1/20 and issued 10,000 shares of common stock for $100.000 2. Purchased land for $30,000, cash. 3. Purchased equipment at a cost $15,000. Paid $2,000 in cash and signed a note promising to pay the remainder in 3 years. 4. Signed a contract allowing a supplier to store excess product in an unused warehouse for 2 years Received $2,400 payment for the entire 2 years in advance. 5. Purchased $80,000 of inventory on account. 6. Paid wages to employees for work performed this month, $13,000. 7. Sold inventory to a customer for $60,000 on account. This inventory cost ABC Corporation $35,000. 8. Received the electric bill for the month, $1,750. 9. Borrowed $20,000 from the bank and signed a 1-year, 8% note. 10. Paid $15,000 to purchase a 2-year insurance policy