The following transactions occurred at the Daisy King Ice Cream Company.
1.	Started business by issuing 10,000 shares of capital 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal Entries Needed as followed:

1. Started business by issuing 10,000 shares if capitol stock for $23,000

2. Signed a franchise agreement to pay royalties of 5% of sales

3. Leased a building for 3yrs st $530 per month and paid 6 months rent in advance

4. Purchased equipment for $5700, paying $2000 down and signing a 2yr 10% note for the balance.

5. Purchased $2100 of supplies on account

6. Recorded cash sales of $1100 for the 1st week

7. Paid weekly salareies and wages $4700

8. Paid for suplies purchased in item (5)

9. Paid royalites due on 1st weeks sales

10. Recorded depreciation on equipment $70