Question 24 (34 points) Saved The following are selected transactions of Shadow, Inc.: January 1 Issued 1,000 shares of common stock with a par value of $2 in exchange for cash of $8 per share Feb. 2 Sold and shipped merchandise for $2,000 ($1,200 cost), on account to Mystic, Inc. with terms 2/10, 130. Feb. 27 Paid $2,100 cash for a 3-year insurance policy. March 15 Received payment on a $500 60-day note with an interest rate of 5%. March 30 Determines that a $200 account is uncollectible (assume the company uses the allowance method) April 1 Estimates depreciation expense for the period of $1,500. Record the journal entries for the transactions above. 2 Ea o 5 Date Debit Account I Credit Account Debit Credit Amount Amount January 1 February 2 M Paragraph Iuli UA Arial,sans-serif 10pt ***Ea 5 G February 2 I February 2 10pt UIT > March 30 I April 1