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 $9,000. b. The firm borrowed $5,900 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,800 were purchased for cash. The original list price of the equipment was $1,930, but a discount was received because the seller was having a sale. d. A store location was rented, and $1,250 was paid for the first month's rent. e. Inventory of $16,000 was purchased; $9,400 cash was paid to the suppliers, and the balance will be paid within 30 days. f. During the first week of operations, merchandise that had cost $3,500 was sold for $6,100 cash. g. A newspaper ad costing $130 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 $4,450 was purchased; cash of $1,350 was paid, and the balance is due in 30 days. i. In the last three weeks of the first month, sales totaled $14,750, of which $9,900 was sold on account. The cost of the goods sold totaled $8,700. j. Employee wages for the month totaled $1,800; these will be paid during the first week of the next month. k. The firm collected a total of $3,500 from the sales on account recorded in transaction i. I. The firm paid a total of $4,750 of the amount owed to suppliers from transaction e. 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.) Journal entry worksheet < 1 2 3 4 5 6 7 8 14 > The firm was organized and the stockholders invested cash of $9,000. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 5 6 8 14 The firm borrowed $5,900 from the bank; a short-term note was signed. Note: Enter debits before credits. Transaction b. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 14 > Display cases and other store equipment costing $1,800 were purchased for cash. The original list price of the equipment was $1,930, but a discount was received because the seller was having a sale. Note: Enter debits before credits. Transaction C. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 14 > A store location was rented, and $1,250 was paid for the first month's rent. Note: Enter debits before credits. Transaction d General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 5 8 14 > Inventory of $16,000 was purchased; $9,400 cash was paid to the suppliers, and the balance will be paid within 30 days. Note: Enter debits before credits. Transaction e. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 2 3 4 5 6 Record the sale of $6,100 merchandise for cash. Note: Enter debits before credits. Transaction f(1). 8 14 > General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 ... 14 > Record the cost of goods sold worth 3,500. Note: Enter debits before credits. Transaction f(2). General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 2 3 5 6 8 CO 14 A newspaper ad costing $130 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. Note: Enter debits before credits. Transaction 9 General Journal > Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 7 8 9 10 11 12 13 14 Record the sale of $14,750 merchandise, of which $9,900 was sold on account and the balance in cash. Note: Enter debits before credits. Transaction i(1). General Journal Debit Cred Record entry Clear entry View general journal Journal entry worksheet < 1 7 8 9 10 11 12 13 14 > Additional inventory costing $4,450 was purchased; cash of $1,350 was paid, and the balance is due in 30 days. Note: Enter debits before credits. Transaction h. General Journal Debit Credit Record entry Clear entry View general journal ournal entry worksheet 1 < 1 7 8 9 10 10 11 12 13 14 > Record the cost of goods sold worth 8,700. Note: Enter debits before credits. Transaction i(2). General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 E 7 8 9 10 11 12 13 14 > Employee wages for the month totaled $1,800; these will be paid during the first week of the next month. 13 Note: Enter debits before credits. Transaction j General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 ..... 7 8 9 10 11 12 122 13 14 The firm collected a total of $3,500 from the sales on account recorded in transaction i. Note: Enter debits before credits. Transaction k. 7 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet > 1 ..... 7 8 9 10 11 12 13 14 > The firm paid a total of $4,750 of the amount owed to suppliers from transaction e. Note: Enter debits before credits. Transaction I. General Journal Debit Credit Record entry Clear entry View general journal