The Mo's Motel Corporation was organized on Oetober 1, 2023 with the objective of buying some land and a tused building to be converted into a motel. The following transactions took place during the first month, Oetober 2023: Oet. I The Mo's Motel Corporation sold shares of 10,000 par common stock to Mr. Habib for $850,000cash. 2 The corporation borrowed $250,000 from a bank against a nots payable at 10% interest. 3 The corporation purchased land and a building at a total cost of $2,000,000. Similar land was selling for $400,000. Of this amount $600,000 was paid in cash and a $1,400,000 mortgage note payable bearing 4.5% interest was signed for the balance, 6 The cost of remodeling the building for motel use was $200,000. Of this amount $95,000 was paid in cash. The balance of the remodeling services was received on account. 8$12,000 was paid for advertising in the month of October. 10 A $12,800 insurance policy was purchased to provide coverage for the entire year. 12 Lodging accommodations were provided for the employees of a corporation who attended a local convention. The corporation was invoiced $38,000. 15 Cash room sales were $90,000. 16 Salaries were paid in the amount of $59,000. 18 A $4,300 water invoice was received, 20 A $4,500 principal payment was made on the mortgage note payable and a $5,500 payment was made on the bank note payable. Interest on the bank note was $3,700 and the mortgage note was \$6,200. The interest amounts were paid in addition to the principal payments: 25 The electricity invoice of $9,300 was received and paid. 27 A full year's property taxes were paid in advance. They amounted to $12,600. 31 Cash sales for the second half of the month were $220,000. Chart of Accounts Lockwood Motel Corporation Prepare Journal entries to record the transactions. Post to ledger accounts. Prepare a trial balance as of October 31, 2023. The Mo's Motel Corporation was organized on Oetober 1, 2023 with the objective of buying some land and a tused building to be converted into a motel. The following transactions took place during the first month, Oetober 2023: Oet. I The Mo's Motel Corporation sold shares of 10,000 par common stock to Mr. Habib for $850,000cash. 2 The corporation borrowed $250,000 from a bank against a nots payable at 10% interest. 3 The corporation purchased land and a building at a total cost of $2,000,000. Similar land was selling for $400,000. Of this amount $600,000 was paid in cash and a $1,400,000 mortgage note payable bearing 4.5% interest was signed for the balance, 6 The cost of remodeling the building for motel use was $200,000. Of this amount $95,000 was paid in cash. The balance of the remodeling services was received on account. 8$12,000 was paid for advertising in the month of October. 10 A $12,800 insurance policy was purchased to provide coverage for the entire year. 12 Lodging accommodations were provided for the employees of a corporation who attended a local convention. The corporation was invoiced $38,000. 15 Cash room sales were $90,000. 16 Salaries were paid in the amount of $59,000. 18 A $4,300 water invoice was received, 20 A $4,500 principal payment was made on the mortgage note payable and a $5,500 payment was made on the bank note payable. Interest on the bank note was $3,700 and the mortgage note was \$6,200. The interest amounts were paid in addition to the principal payments: 25 The electricity invoice of $9,300 was received and paid. 27 A full year's property taxes were paid in advance. They amounted to $12,600. 31 Cash sales for the second half of the month were $220,000. Chart of Accounts Lockwood Motel Corporation Prepare Journal entries to record the transactions. Post to ledger accounts. Prepare a trial balance as of October 31, 2023