prepare the journal entry like the format that is at the bottom of thr photo

Journalize in the General Journal on Page 1& 2 the following transactions for December 2020, On December 1" Peter Long invests $40,000 to initiate the operation of his business, Bayside Auto Repair Inc. The business is operated 7 days a week, except holidays Also, on December 1 Peter enters into a month lease for use of the garage space at Sam's Shell Station located on Utopia Parkway. Rent is $2,500 a month and was paid for three months in advance with first month's rent due on signing of lease On December 2nd Peter purchased a tow truck for $50.000, paying $10,000 down in cash and signing a note payable for the balance with interest free financing Earlier on December 21, Peter paid $6,000 cash to obtain a one-year insurance policy on the tow truck On December Sth, Bayside Auto Repair Inc. purchased supplies worth $2,550 on account On Monday, December 12, Peter enters into agreement with Bayside Taxi to service its fleet. Beynide Taxi makes an advance payment of $6,000. On December 15th, Bayside Auto Repair Inc. purchased land for $25,000 as a site for a future repair garage on Bell Blvd Peter paid Seller $10,000 in Cash and seller holds a 5-year, 15,000 mortgage note on the land at 8% interest. Peter pays interest , including December's interest, every 3 months starting April 1, 2010. Annual interest for the year is $1,200 and is averaged through the year assuming a 30-day month. On December 16 recorded cash received from customers for fees earned for on account, $3,250. On same day he invoiced customers for repairs performed, $2,000. On Friday December 23, Peter paid his mechanic two weeks of wages $2,500 Bayside Auto Repair Co. paid $2,250 of its accounts payable on December 23rd. On December 27, customers invoiced make payment of $1,750. On December 31 recorded service fees earned from customers for the second half of month, $12,000. On same day, of this amount, he invoiced customers for repairs performed, $3,000, the balance having been paid in arh. On December 31", Bayside Auto Repair Inc. pays numerous bills which include: Payment to the Gas & Electric Company for December's bill - $450 Payment of Garage area cleaning fee - $250 Payment for advertising in local Pennysaset newspaper- $200 Journalize these payments as one compound journal entry. Prepare a journal entry on December 31 for the payment of $7,500 dividends to the stockholders of Bayside Auto Repair Inc. Prepare the journal entries for the month of December 2020 Page 1 Date General Journal Post Ref Description Debit Credit