The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $8,400. b. The firm borrowed $4,300 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,750 were purchased for cash. The original list price of the equipment was $1,910, but a discount was received because the seller was having a sale. d. A store location was rented, and $1,400 was paid for the first month's rent. e. Inventory of $15,600 was purchased; $8,200 cash was paid to the suppliers, and the balance will be paid within 45 days. f. During the first week of operations, merchandise that had cost $3,900 was sold for $6,700 cash. g. A newspaper ad costing $140 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $4,350 was purchased; cash of $1,400 was paid, and the balance is due in 30 days. i. In the last three weeks of the first month, sales totaled $13,750, of which $9,700 was sold on account. The cost of the goods sold totaled $8,100. j. Employee wages for the month totaled $1,900; these will be paid during the first week of the next month. k. The firm collected a total of $3,600 from the sales on account recorded in transaction i. 1. The firm paid a total of $4,200 of the amount owed to suppliers from transaction e. at ences Required: Prepare the journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet ic Sraw Hill Prev 1 of 3 I Next > View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 14 > The firm was organized and the stockholders invested cash of $8,400. Note: Enter debits before credits. Transaction General Journal Debit Credit s a. Record entry Clear entry View general journal