Problem 1: Journal entries. Prepare the journal entry for the date of the transaction. 1. On January 10, the company purchased on account 15,000 units of inventory at $35 per unit. 4. On August 1, the company borrowed $300,000 on a long term note. Interest (10% per year) and principal on the note are payable at maturity, in 10 years. Debit Debit Credit Credit 2. On May 20, the company sold $110,000 of trademarks with a book value of $63,000. 5. On Oct. 15, the company paid $24,000 for insurance covering the period Nov. 1 - Oct. 31. Debit Debit Credit Credit 3. On June 1, the company collected $18,000 from a customer for inventory to be delivered in January next year. Debit 6. On Nov. 30, the company recorded salaries and wages earned in Nov. and payable Dec. 1 in the amount of $230,000. Debit Credit Credit