Problem 18 uses a periodic inventory system for food items. The inventory and expense accounts set up for sup- recorded to an inventory account, and direct purchases are recorded to a supplies expense plies are Operating Supplies and Office Supplies. Purchases of storeroom supplies are account. Journalize the following transactions on a two-column journal. 2017 May 12: Jokim, Inc., issues 200,000 authorized shares of $1 par common stock. Of this total, 10,000 shares are issued to the owner, Joshua Kim, for $80,000 . The owner issues a personal check payable to Jokim, Inc., which is used to open a company checking account May 12: Purchased the following property Land $ 35,000 Building 155,000 $ 190,000 Issued check number 101 for $50,000 to County Bank, and financed the balance by a mortgage with County Bank a May 12: Issued check number 102 for $7,000 to Provident Supply, and executed a $40,000 promissory note with Provident Supply in order to purchase the following items: Operating Supplies $ 900 Office Supplies 600 Furniture 19,500 Equipment 18,000 China, Glassware, Silver 8,000 May 12: Issued check number 103 for $400 to City Utilities as a deposit for utility services. May 15: Issued check number 104 for $2,100 to Fidelity Insurance for a one-year fire insurance policy. May 16: Purchased $6,700 of food provisions on open account from Star Purveyors