Prepare General Journal entries to record the following perpetual system merchandising transactions of On Display. Use a separate account for each receivable and payable.

Oct 10 Purchased shop supplies from Grand & Toy for $555 under credit terms n/15.

25 Paid Grand & Toy for the shop supplies purchased on October 10.

27 The owner, Jeffrey Kragen, invested $18,000 in the business.

28 Purchased new computer equipment for the business for $33,000. Paid $18,000 cash and borrowed the balance from the bank.

31 Paid the October legal fees of $3,955.