The following transactions occurred at the Daisy King Ice Cream Company. Started business by issuing 10,000 shares of common stock for $25,000. Signed a franchise agreement to pay royalties of 5% of sales. Leased a building for three years at $550 per month and paid six months' rent in advance. Purchased equipment for $5,900, paying $2,000 down and signing a two-year, 10% note for the balance. Purchased $2,300 of supplies on account. Recorded cash sales of $1,300 for the first week. Paid weekly salaries and wages, $570. Paid for supplies purchased in item (5). Paid royalties due on first week's sales. Recorded depreciation on equipment, $60. Required:Prepare journal entries to record each of the transactions listed above.