SHALL BUSINESS ENTREPRENEURIAL - PACE Students should complete all Journal Entries. T accounts and Trial Balance enteries in red where applicable. Effect on Transactions Credit Debit $0 xxxx $0 After each transaction go to the appropriate T Account and enter the amount (debitor credit) xxxx $0 XXXX $0 $0 XXXX XXXX $0 xxxx Transactions Account Affected Type of Account 1. Pace Design is founded and $30,000 Coch Xxxx is invested a capital stock. Capitol Stock 2. Receive montlly cell phone bill for Cell Phone Expense XXXX $335 for May and will pay for it later. Accounts Payable | xxxx 3. Pay office rent for May for $1,500 Rent Expense with cash. Cash 4. Pay May cell phone bill previously Accounts Payable XXXX recorded of $335 with cooh. Cash 5. Receive monthy utility bill for $425 Utility Expenda for May and will pay for it later. Accounts Payable 6. Invoice client Jackson Design for Accounts Receivable xxxx work completed for $5,200. Sales (Revenue) 7. Receive a cheque from Pattern Cash XXXX Architects for $8,200 for work Accounts Receivable XNXX 8. Your are investing $6,000 of your Cash xxxx personal moncy into Pace Design Capital Stock 9. Pay insurance premium for $1,850 with Insurance Expense XXXX cash | xxxx 10. Receive a cheque from Jackson Cash Design for $5,200 for work invoiced. Accounts Receivable Totall $0 xxxx $0 $0 $0 XXXX $0 Cash xxxx $0 101