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E 3-12 LO3 Required: Record the above transactions in general journal format. (Omit explanations.) Journal Entries During July 2017, Krogue, Inc., completed the following transactions. Prepare the journal entry for each transaction. July 2 Received $320,000 for 80,000 shares of capital stock. 4 Purchased $100,000 of equipment, with 75% down and 25% on a note payable. 5 Paid utilities of $2,300 in cash. 9 Sold equipment for $15,000 cash (no gain or loss). 13 Purchased $250,000 of supplies, paying 30% down and 70% on credit. 14 Paid S6,000 cash insurance premium for July 18 Provided services for $81,000 to customers on account to be paid at a later date. 20 Collected $8,500 from accounts receivable. 24 Provided services for $43,000 to customers for cash. 27 Paid property taxes of $1,200. 30 Paid $175,000 of accounts payable for supplies purchased on July 13