Problem VII - Liabilities (10 points) Journalize the January selected transactions occurred. (Omit cost of goods sold entries.) Jan. 1 Borrowed $26,000 in cash from ANZ Bank on a 3-month, 8%, $26,000 note. 5 Sold merchandise for cash totaling $6,996, which includes 6% sales taxes. 20 Sold 500 units of a new product on credit at $58 per unit, plus 6% sales tax. 31 Adjusting entries for the note payable Problem VIII - Stochoders Equity ( 10 points) NEU Co. had these transactions during the current period. May 10 Issued 80,000 shares of $1 par value common stock for cash of $300,000. June 15 Issued 3,000 shares of $100 par value preferred stock for cash at $106 pershare. Oct. 25 Purchased 2,000 shares of treasury stock for $9,000. Prepare the journal entries for the NEU Co. transactions