Sirved Chad Polovick organized a new company, CapUniverse Inc. The company operates a small store in an area mall and specializes in baseball-type caps with logos printed on them. Chad, who is never without a cap, believes that his target market is college students. You have been hired to record the transactions occurring in the first two weeks of operations May 1 Issued 2000 shares for $20 per share. May 1 Borrowed $60,000 from the bank to provide additional funding to begin operations. The note is due in two years with interest at 10 percent annually. May 1 Paid $1,500 for the current month's rent and another $1,500 for next month's rent. May 1 Paid $2,400 for a one-year fire insurance policy (recorded as prepaid expense). May 3 Purchased furniture and fixtures for the store for $15,000 on account. The amount is due within 30 days. 4 Purchased for $2,800 cash a supply of University of Waterloo, York University, and Saint Mary's University baseball caps to be sold online, May 5 placed advertisements on Google for a total of $350 cash. May 9 Sold caps for a total of $1,700, half of which was charged on account. The cost of the caps sold was 5900 May 10 Made full payment for the furniture and fixtures purchased on account on May 3. May 14 Received $210 from a customer on account. May Required: Prepare a journal entry to record each of the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet NO Date 1 Debit May 01 Credit General Journal Cash Furniture and fixtures 2 May 01 Cash Accounts payable 3 May 01 Rent expense Prepaid insurance View transaction list View journal entry worksheet X No Date General Journal 1 Debit May 01 Credit Cash Furniture and fixtures 2 May 01 Cash Accounts payable 3 May 01 Rent expense Prepaid insurance Cash 4 May 01 Prepaid insurance Cash 5 May 03 Furniture and fixtures Accounts payable 6 May 04 Inventory Cash 7 May 05 Advertising expense Cash 8 May 09 Cash Accounts receivable CHIAR 4 May 01 Prepaid insurance Cash 5 May 03 Furniture and fixtures Accounts payable 6 May 04 Inventory Cash 7 May 05 Advertising expense Cash 8 May 09 Cash Accounts receivable Sales revenue 9 May 09 Cost of sales Inventory 10 May 10 Accounts payable Cash 11 May 14 Cash Accounts receivable