Prepaid uipment, and est Expense. in the bank. to the bank. rant space, nd the bal- and paid insurance 00. % credit P1.3 The following transactions occurred for a new motel prior to and during the first month of operations. Study the transactions shown below and record necessary journal entries skipping a line between each entry. Jour- nal entries and modified T ledger accounts can be prepared easily on lined paper following the examples shown in the text. a. The owner invested $250,000 cash deposited in the business bank ac- count. b. The owner paid $108,000 cash for land. c. The owner borrowed $300,000 on a mortgage payable at 8% interest. d. The owner paid $285,400 cash for a building. e. Equipment was purchased for $48,000, paying $12,000 cash; and the balance owed on a note payable. f. Furnishings were purchased for $120,000 cash. g. Linen inventory was purchased for $7,894 cash. h. Supplies were purchased for $3,200 on account. i. Vending inventory was purchased for $540 cash. j. Room sales revenue during the month was $58,740; 98% cash and 2% credit cards. k. Vending sales revenue from vending machines was $880 cash. 1. Wages of $3,120 cash were paid. m. The owner paid $3,200 on accounts payable. n. The owner paid $4,200 on an annual liability and casualty insurance policy. 0. The owner paid $1,600 on the mortgage payable and $1,728 for interest.