on. 2. Record the following transactions for ABC Basketball Training, LLC: 35 12/1 Sell shares of common stock for $50,000 to obtain the funds to start the business. 12/1 Borrow $25,000 from the local bank and sign a note promissing to pay in four years. 12/1 Purchase equipment necessary for giving basketball training for $30,000. 38 12/1 Pay one year of rent in advance, $12,000 ($1,000 per month). 12/6 Purchase supplies on account, $1,300. 12/12 Provide basketball training to customers for cash, $5,500. 12/17 Provide basketball training to customers on account, $2,750. 12/23 Receive cash in advance for 12 training sessions to be given in the future, $1,200 12/28 Pay salaries to employees, $2,700. 12/30 Pay cash dividends of $500 to shareholders. 43 Journal entries Cash Date Accounts Debit Credit DR CR 12/1 49 5012/1 44 Supplies Accounts receivable DR - DR 52 12/1 Accounts payable Prepaid rent DR CR 54 12/1 Equipment DR CR DR 12/6 58 12/12 Deferred revenue DR CR Notes payable DR Common stock DR CR _ CR 12/17 12/23 Dividends DR CR Revenue DR CR Expenses DR CR 12/28 12/30 Total debits: Total credits: Total debits: Total credits: 70