Short Answer Question (Four questions. Please write the answer in the boxes provided). Question One: Prepare journal entries to record each of the transaction and events listed below 1. Started business by issuing 10,000 shares of capital stock for $20,000. 2. signed a franchise agreement to pay royalties of 5% of sales. 3. Leased a building for three years at $500 per month and paid six months' rent in advance. 4. Purchased equipment for $5,400, paying $1,000 down and signing a two-year, 10% note fo the balance. 5. Purchased $1,800 of supplies on account. 6. Recorded cash sales of $800 for the first week. 7. Paid weekly salaries and wages, $320. 8. Paid for supplies purchased in item (5). 9. Paid royalties due on first week's sales. 10. Recorded depreciation on equipment, $50