Recording Transactions Using Journal Entries and T-Accounts 1. Receive $40,000 cash in exchange for common stock. 2. Purchase $4,000 of inventory on credit. 3. Sell inventory for $6,000 on credit. 4. Record $4,000 for cost of inventory sold in 3. 5. Collect $6,000 cash from transaction 3. 6. Acquire $10,000 of equipment by signing a note. 7. Pay wages of $2,000 in cash. 8. Pay $10,000 on a note payable that came due. 9. Pay $4,000 cash dividend. a. Prepare journal entries for each of the transactions 1 through 9. b. Set up T-accounts for each of the accounts used in part a and post the journal entries to those T-accounts. (The T-accounts will not have opening balances.)