The transactions relating to the formation of Blue Co Stores, Inc , and its first month of operations follow The firm was organized and the stockholders invested cash of $8,800 The firm borrowed $5,400 from the bank, a short-term note was signed Display cases and other store equipment costing $1,700 were purchased for cash The original list pnce of the equipment was $1,920, but a discount was received because the seller was having a sale A store location was rented, and $1,600 was paid for the first month's rent Inventory of $15,000 was purchased, $8,400 cash was paid to the suppliers, and the balance will be paid within 60 days During the first week of operations, merchandise that had cost $4,700 was sold for $5,700 cash . A newspaper ad costing $120 was arranged for, it ran during the second week of the store's operations The ad will be paid for in the next month Additional inventory costing $4,050 was purchased, cash of $1,300 was paid, and the balance is due in 30 days 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 $8,900 Employee wages for the month totaled $1,800 these will be paid during the first week of the next month L The firm collected a total of $3,500 from the sales on account recorded in transaction /. The firm paid a total of $4,800 of the amount owed to suppliers from transaction e Prepare the journal entries for each of these transactions