Record the receipt of $10,000 cash from owners and issued stock to them; Record the borrowing of $7,000 cash from a bank and signed a note due later this year; Record the purchase and receipt of equipment worth $800 on account; Record the purchase of land for $12,000; paid $1,000 in cash and signed a long-term note for $11,000; Record the purchase of equipment for $3,000 with $1,000 in cash and the rest on account. Some one please walk me through this?

The following events occurred for Favata Company: a. Received $10,000 cash from owners and issued stock to them. b. Borrowed $7,000 cash from a bank and signed a note due later this year. c. Bought and received $800 of equipment on account. d. Purchased land for $12,000; paid $1,000 in cash and signed a long-term note for $11,000. e. Purchased $3,000 of equipment, paid $1,000 in cash and charged the rest on account. Required For each of the events in above, prepare journal entries, checking that debits equal credits. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet 2 3 4 5 Record the receipt of $10,000 cash from owners and issued stock to them. Transaction General Journal Debit Credit *Enter debits before credits done clear entry record entry