Record journal entries for each of the following transactions. 1. On Aug. 1, Martin Johnson invests $425,000 to open his new appliance repair business.

2.On Aug. 3, the company pays $150,000 for land and $70,000 for a building.

3.On Aug. 5, Martin repairs appliances for three customers. Two of these paid cash totaling $825, while thethird customer was billed $300, but has not yet paid.

4.On Aug. 8, the company purchases radio advertisements for $3,000.

5.On Aug. 11, the company purchases a car for $23,000 by taking out an automobile loan.

6.On Aug. 15, Martin repairs appliances for two customers, receiving a total of $500 in cash.

7.On Aug. 20, the company makes its first automobile loan payment of $475.

8.On Aug. 21, the company pays $350 for utilities expense.

9.On Aug. 27, the company pays $2,000 for employee salaries.

10.On Aug. 31, Martin withdraws $10,000 from the business.

Post all ten journal entries from the preceding exercise to the appropriate T-Accounts.