Ryan Terlecki organized a new Internet company, CapUniverse, 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 two weeks of operations. a. Issued 2,000 shares of $.01 par value common stock to investors for cash at $20 per share. b. Borrowed $60,000 from the bank to provide additional funding to begin operations; the note is due in two years. c. Paid $1,500 for the current month's rent of a warehouse and another $1,500 for next month's rent. d. Paid $2,400 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 $3,000 cash and the rest on account. The amount is due within 30 days. f. Purchased for $2,800 cash The University of Florida, UCLA, Texas A&M, and Michigan State University baseball caps as inventory to sell online. g. Placed advertisements on Google for a total of $350 cash. h. Sold caps totaling $1,700, half of which was charged on account. The cost of the caps sold was $900. i. Made full payment for the furniture and fixtures purchased on account in (e). j. Received $210 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 < 1 2 3 4 5 6 8 ..... 11 Record issue of 2,000 shares of $.01 par value common stock to investors for cash at $20 per share. Note: Enter debits before credits. Transaction a. General Journal Debit Credit < 1 3 4 5 6 7 8 11 Record borrowing from bank for $60,000 with the note due in 2 years. Note: Enter debits before credits. Transaction b. General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet > 1 2 4 5 6 7 8 11 Record payment of current month rent of $1,500 and next month's rent of $1,500. Note: Enter debits before credits. Transaction C. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 5 6 7 8 11 Record purchase of one year fire insurance policy on the warehouse for $2,400 (recorded as a prepaid expense). Note: Enter debits before credits. Transaction d. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 6 7 8 11 Record the purchase of furniture and fixtures for $15,000 with $3,000 payment made and the rest on account and due within 30 days. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 st 5 6 7 8 11 Record purchase of baseball cap inventory for $2,800 cash. Note: Enter debits before credits. Transaction 1. General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record placement of advertisement for $350 cash. Note: Enter debits before credits. Transaction. g. D 8 11 > ***** General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 Record $1,700 sale of caps, half of which was charged on account. Note: Enter debits before credits. Transaction h(1). 11 > General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 ..... 4 5 6 7 Record the $900 cost of caps sold. Note: Enter debits before credits. Transaction h(2). 8 00 9 11 General Journal Debit Credit Record entry Clear entry View general journal 1 .... 4 5 6 7 8 6 10 11 Record full payment for furniture and fixtures bought previously on account. Note: Enter debits before credits. Transaction i. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 ... 45 6 7 8 9 Record receipt of $210 from customer on account. Note: Enter debits before credits. Transaction j. 10 10 11 General Journal Debit Credit Record entry Clear entry View general journal