Question 5: The following reflects the transactions that occurred at Lawndale Company during the month of June: a. June 1- Buy inventory on credit for $2,000 b. June 3- Pay salary of $300 to an employee for work done during the past week, no amount has previously been recorded. c. June 5- Borrow $9,000 in cash from bank by signing a loan agreement. d. June 7 - Made a sale of the inventory bought in (a) to a customer for $5,000 on credit. e. June 10- Pay $700 for insurance coverage for the past few months; this amount has previously been recognized in the company's accounting system as it was incurred. f. June 13-Buy an automobile for the company for a price of $40,000 by paying $10,000 in cash and signing a note for the remainder. g. June 17- Issue ownership shares to a new stockholder for cash of $19,000 h. June 20- Collect cash for customer on earlier sale in (d) i. June 22- Pay cash for the inventory acquired in (a) j. June 30- Pay $4,000 to rent a building for the next 4 months. 1) Using the format below, prepare the journal entries for each of the transaction (that is, show what account name and the total value that will be debited and credited) 2) Suppose the opening balance for cash account at the beginning of the month (June 1) was $100,000. What is the closing balance for cash account at the end of the month