Ryan Terlecki organized a new Internet company, Cap Universe, Inc. The company specializes in baseball-type caps with logos printed on them. Ryan, who is never without a cap, believes that his target market is college and high school students. You have been hired to record the transactions occurring in the first month of operations. a. Issued 2,300 shares of $0.01 par value common stock to investors for cash at $23 per share. b. Borrowed $65,000 from the bank to provide additional funding to begin operations; the note is due in two years. c. Paid $2,500 cash for rent of a warehouse: $1,250 for the current month's rent and another $1,250 for next month's rent. d. Paid $2,280 for a one-year fire insurance policy on the warehouse (recorded as a prepaid expense). e. Purchased furniture and fixtures for the warehouse for $15,000, paying $2,700 cash and the rest on account. The amount is due within 30 days. f. Purchased for $3,700 cash The University of Pennsylvania, Notre Dame, The University of Texas at Austin, The Ohio State University, and Michigan State University baseball caps as inventory to sell online. g. Placed advertisements on Google for a total of $270 cash; the ads were run immediately. h. Sold caps totaling $2,300, half of which was charged on account. The cost of the caps sold was $1,500. (Hint: Make two entries.) i. Made full payment for the furniture and fixtures purchased on account in (e). j. Received $280 from a customer on account. Required: Prepare journal entries for each transaction. Note that transaction (h) will require two entries, one for revenue and one for the related expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Paid $1,250 for the current month's rent of a warehouse and another $1,250 for next month's rent. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal Journal entry worksheet Purchased furniture and fixtures for the warehouse for $15,000, paying $2,700 cash and the rest on account. The amount is due within 30 days. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journal Journal entry worksheet Purchased for $3,700 cash The University of Pennsylvania, Notre Dame, The University of Texas at Austin, and Michigan State University baseball caps as inventory to sell online. Note: Enter debits before credits. Transaction General Journal Debit Credit f. Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 7 8 11 Placed advertisements on Google for a total of $270 cash; the ads were run immediately. Note: Enter debits before credits. Transaction General Journal Debit Credit g. Record entry Clear entry View general journal Journal entry worksheet Sold caps totaling $2,300, half of which was charged on account. The cost of the caps sold was $1,500. Record the sale. Note: Enter debits before credits. Transaction General Journal Debit Credit h(1). Record entry Clear entry View general journal Journal entry worksheet Made full payment for the furniture and fixtures purchased on account in (e). Note: Enter debits before credits. General Journal Debit Credit Transaction i. Record entry Clear entry View general journal Journal entry worksheet 1 4 5 7 8 9 10 11 Received $280 from a customer on account. Note: Enter debits before credits. Transaction General Journal Debit Credit j. Record entry Clear entry View general journal