Requirement: Prepare the journal entries for the following transactions: Received cash of $60,000 from two investors ( $30,000 each). Each investor was issued 3,000 shares of common stock. Borrowed $40,000 from a local bank and signed two notes. The first note for $10,000 requires payment of principal and 10% interest in six months. The second note for $30,000 requires the payment of principal in two years. Interest at 10% is payable each year on July 1, 2025, and July 1, 2026. Paid \$24,000 in advance for one year"s rent on the store building. Purchased office equipment from eTronics for $12,000 cash. Purchased $60,000 of clothing inventory on account from the Birdwell Wholesale Clothing Company. During the month, sold clothing inventory for $35,000cash. The inventory cost $20,000. Purchased $60,000 of clothing inventory on account from the Birdwell Wholesale Clothing Company. During the month, sold clothing inventory for $35,000 cash. The inventory cost $20,000. Sold clothing inventory on account to Briarfield School for $3,500. The inventory cost $2,000. Subleased a portion of the building to a jewelry store. Received $1,000 in advance for the first two months' rent beginning on July 16. Paid Birdwell Wholesale Clothing \$25,000 on account. Paid salaries to employees for the first half of the month, $5,000. Received $1,500 on account from Briarfield. Paid shareholders a cash dividend of $1,000. Incurred utilities of $500.00 but not paid. 2