Transaction 1 On March 1, the three classmates opened a checking account for The Wire at a local bank. They each deposited $24,000 in exchange for shares of stock. A few of their friends also purchased stock totaling $13,000 that was deposited in The Wire account.

Account: Cash Dollar amount: 85000

Account: Paid-in Capital Dollar amount: 85000

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Transaction 2 The company quickly acquired $37,000 in inventory, 70% of which was acquired on open accounts that were payable after 30 days. The rest was paid for in cash.

Account options: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank

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Transaction #2 please