Tar Heels Unlimited began business on January 1, 2024. During January, the following transactions occurred: January 1 Issue common stock in exchange for $100,000 canh. January 2 Purchase inventory on account for $35,000. January 4 Pay an fasurance company $2,400 for a one-year insurance policy. January 10 Sel1 invantory on acoount for $12,000. The cost of the inventory vas $7,000. monthes, January 20 pay employees $6,000 salaries for the first half of the month. January 22 Sel1 inventory for $10,000 canh. The cont of the inventory van 56,000 . January 24 Pay 515,000 to euppliern for the inventory purehased on January 2. January. 26 Collect $6,000 on account froin customers. January 28 Pay $1,000 to the local utility eompany for January gas and electricity. rent. Prepaid Rent and Rent Kxpense are deblted for their appropriate amounts. The following information is available on January 31,2024 1. One month of insurance has expired (related to January 4 purchase). 2. One-half month of interest is owed (related to January 15 borrowing). 3. Salaries owed to employees at the end of January are $6,000. Journal entry worksheet 34567 Issue common stock in exchange for $100,000 cash. Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet Pay an insurance company $2,400 for a one-year insurance policy. Note: Enter debits before credits