Prepare journal entry 1 as of 12/31/21 with an offset to Opening Balance Equity to record the following beginning balances:

Accounts Receivable (A/R) Debit $150,000 NASA (new customer)

Accounts Payable (A/P) Credit $20,000 Wild Research Inc. (new vendor)

Notes Payable Credit $500,000 Chase Bank (new vendor)

Prepare journal entry 2 as of 12/31/21 to close the Opening Balance Equity to Owners Equity ($372,000).