Problem #1 Required: Record the following transactions in a Journal using debits & credits: 1 Owner invested $40,000 cash in the business in exchange for common stock. 2 Billed clients $8,120 for services completed. 3 Paid $1,700 on accounts payable. 4 Purchased merchandise inventory for $4,400 cash. 5 Paid 3 months rent in advance, $12,000. 6 Paid $2,000 cash dividends to shareholders. Transaction # Accounts Debit Credit