Prepare journal entries Susan's Shoe Shop opened on January 1. The following transactions took place during the first month: 1.Deposited $30,000 in the firm's checking account. 2.Purchased shoes, boots, socks, and other inventory for $45,000 on account. 3.Purchased display shelving, chairs, and other fixtures for $10,000 cash and $40,000 on account. Assume a useful life of five years and record annual depreciation. 4.Obtained $20,000 and signed a three-year, $20,000 bank loan at 8% annual interest. Accrue interest at the year end. 5.Had sales revenue during January of $75,000. Of this amount, $25,000 was received in cash and the balance was on account. 6.The cost of the merchandise sold in item 5 was $32,000. 7.Paid $10,000 to each of two different creditors. 8.Signed an application for a one-year insurance policy and paid the year's premium of $2,400. 9.Paid three employees a monthly salary of $2,000 each. 10.Collected $35,000 from customers. 11. Acquired a patent for $5,000 cash, which estimated useful life is 10 years. Calculate annual amortization. 12. Recorded utilities expense not paid at the year end $500