Question 3 Identifying Transactions and Preparing Journal Bengal Corporation was formed on July 1, 2017. Prepare journal entries for the following events If an event is not a transaction write "no transaction. Use the following accounts Accounts Payable Accounts Receivable Cash Common Stock Equipment Land Notes Payable (long-term) Notes Payable (short-term) Supplies a) Received $70,000 cash invested by owners and issued common stock b) A lumber supplier delivered lumber supplies to Bengal for future use. The lumber supplies would have normally sold for $8,000, but the supplier gave Bengal a 12% discount, Bangel has not yet received the bill from the supplier. c) Borrowed $25,000 from the bank with a plan to use the funds to build a small workshop in August. The loan must be repaid in two years. d) One of the owners sold $10,000 worth of his common stock to another shareholder for $11,000 e) Bengal bought $7,000 worth of inventory from a publisher. The company will pay the publisher within 45-60 days. The company paid $1.500 cash for supplies purchased 8) Agreed to hire a new employee a next month. erine a monthly salary of $3.000. The employee starts work h) Purchased land for $12,000; paid 12,000; paid $1,000 in cash and signed a long-term note for $11.000. i) Repaid a $5,000 Paid a $5,000 bank loan that had been outstanding for 6 months (Ignore interest). J rurchased $3,000 of equipment, paying $1,000 in cash and charged the rest on account