Step 1: Record the journal entries for the following transactions in January 2019: (1) Jan-1, ABC firm received $500,000 cash from issuing the common stocks. (2) Jan-3, ABC firm borrowed $500,000 cash from a bank. The loan is for five years. (3) Jan-3, ABC firm purchased a machine for $600,000 and paid cash. The machine can be used for 5 years with no residual value afterwards. Show the journal entries for the machine purchase and the first month's depreciation. (4) Jan-5, ABC firm purchased $10,000 raw materials from its supplier on credit. Three months later, ABC firm paid off the purchase by cash. Show separate journal entries for both the initial purchase on credit and the cash payment. (5) Jan-7, ABC firm paid $20,000 rent by cash (among which $5,000 is the rent for January, the rest is the deposit to the landlord) (6) Jan-10, ABC firm sold $15,000 products to a client on credit and the inventory cost of the products is $8,000. Show the journal entry for the sales transaction. (7) Jan-25, ABC firm collected $10,000 cash from a credit sale to the client. (8) Jan-26, ABC firm received $10,000 cash payment for the products to be shipped to a client next month. (9) Jan-30, ABC firm prepaid the fire insurance premium of $5,000 for next year. (10) Jan-31 ABC firm received a utilities bill of $2,000 for the utility used in January. The bill is to be paid in the first week of February. Account Debit Credit