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The following transactions occurred at the Daisy King Ice Cream Company. Started business by issuing 10,000 shares of common stock for $23,000. Signed a franchise

The following transactions occurred at the Daisy King Ice Cream Company.

  1. Started business by issuing 10,000 shares of common stock for $23,000.
  2. Signed a franchise agreement to pay royalties of 5% of sales.
  3. Leased a building for three years at $530 per month and paid six months' rent in advance.
  4. Purchased equipment for $5,700, paying $2,000 down and signing a two-year, 10% note for the balance.
  5. Purchased $2,100 of supplies on account.
  6. Recorded cash sales of $1,100 for the first week.
  7. Paid weekly salaries and wages, $470.
  8. Paid for supplies purchased in item (5).
  9. Paid royalties due on first week's sales.
  10. Recorded depreciation on equipment, $70.

Required: Prepare journal entries to record each of the transactions listed above

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