The following transactions occur for Cardinal Music Academy during the month of October$-$

Provide music lessons to students for $$15,000$ cash.

Purchase prepaid insurance to protect musical equipment over the next year for $$3,960$ cash.

Purchase musical equipment for $$18,000$ cash.

Obtain a loan from a bank by signing a note for $$26,000.$

Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service

Revenue. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

Purchase muslcal equipment for $$18,000$ cash.

Note: Enter debits before credits.