Prepare compound journal entries for each transaction. a. The owner invests $10,000 cash and $7,000 of equipment in the company in exchange for common stock. b. The company acquires $5,500 of supplies by paying $1,200 cash and putting $4,300 on credit (accounts payable). View transaction list Journal entry worksheet 1 2 The owner invests $10,000 cash and $7,000 of equipment in the company in exchange for common stock.. Note: Enter debits before credits. Transaction a. Cash Equipment Common stock General Journal Debit Credit 10,000 7,000 7,000 Record entry Clear entry View general journal