Problem 2-110 The following transactions occurred at the Daisy King Ice Cream Company. 1. Started business by issuing 10,000 shares of common stock for $35,000. 2. Signed a franchise agreement to pay royalties of 4% of sales. 3. Leased a building for three years at $650 per month and paid six months' rent in advance. 4. Purchased equipment for $6,900, paying $3,000 down and signing a two-year, 12% note for the balance 5. Purchased $3,300 of supplies on account 6. Recorded cash sales of $2,300 for the first week. 7. Paid weekly salaries and wages, $1,070. 8. Paid for supplies purchased in item (5) 9. Paid royalties due on first week's sales. 10. Recorded depreciation on equipment, $150. Required: Prepare journal entries to record each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Started business by issuing 10,000 shares of common stock for $35,000. Note: Enter debits before credits Event 1 General Journal Debit Credit Racord entry Clear entry View general Journal