Ryan Terlecki organized a new Internet company, CapUniverse, Incorporated. 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 $2,600$ shares of $$0\mathrm{.}01$ par value common stock to investors for cash at $$26$ per share.

b$.$ Borrowed $$62,000$ from the bank to provide additional funding to begin operations; the note is due in two years.

c$.$ Paid $$2,200$ cash for rent of a warehouse: $$1,100$ for the current month's rent and another $$1,100$ 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 $$12,000,$ paying $$3,000$ cash and the rest on account. The amount is due within $30$ days.

f$.$ Purchased for $$3,200$ cash Indiana University, University of Washington, 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 $$300$ cash; the ads were run immediately.

h$.$ Sold caps totaling $$1,700,$ half of which was charged on account.

i$.$ The cost of the caps sold in $(h)$ was $$900.$

j$.$ Made full payment for the furniture and fixtures purchased on account in $($e$).$

k$.$ Re'ceived $$230$ from a customer on account.

Required:

Prepare journal entries for each transaction.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

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