Prepare the journal entries in good form for the following transactions for the month of october: January 1 Flora Flowers invested $6,500 cash and $55,000 equipment into a new florist business. 2 Paid 3 months rent in advance $6,000. 2 Bought $3,000 supplies on account 2 Paid $2,400 for a one year insurance policy. 5 Soid a wedding floral package for $6,000 on account. 7 Purchased \$2,000 supplies. 10 Borrowed $40,000 from the bank. 31 Cash saies for the month totaled \$27,500. 31 The customer from Jan 5 th paid for the flowers. 31 The equipment (recorded January1) has a estimated useful life of 5 years and a residual) value of $7,000. Calculate the depreciation for January 31 Record the rent and insurance used for the month of January 31 A count at month end showed $1,500 worth of supplies on hand. 31 The part time employee is owed wages for 32 hours for January that will be paid in February. The employee is paid $15 per hour