Ultimate Frisbee, Inc had the following transactions during 2020: Jan 15 Issued common stock for $60,000 Feb 10 Purchased supplies on account for $4,750 Feb 25 Paid the invoice for Supplies that were purchased on Feb 10th Apr 1 Issued additional common stock for $40,000. Apr 5 Purchased merchandise of 16,000 Frisbees at $1.95 per Frisbee on account, terms 1/10, n/30. May 5 Paid the invoice of April 5 May 10 Sold 3,000 of the Frisbees on account to Sports Fanatics, Inc., terms 2/10,n30, FOB for $3.50 per Frisbee. May 19 Received cash from the sale on May 10. Jun 1 Issued a 60-day, 12% note to $15,000 from Phil Dumphy, one of our managers, who stumbled upon some legal trouble. Jun 30 Sold 5,000 Frisbees on account to Win or Go Home, Inc., terms 2/10,n30, for $3.60 per Frisbee. Jun 30 Paid sales salaries of $1,700 and office salaries of $1,200, utilities of $300, insurance expense of $500 and travel expenses of $250 Page 1 July 5 Purchased store equipment by paying $5,000 in cash and signing a 90-day, 6% note for $10,000. July 20 Sold 500 Frisbees on account to the Boys and Girls Club for $2.50. July 24 Received payment from Win or Go Home, Inc Aug 1 Received amount owed on June 1 note, plus interest at the maturity date. Aug 20 Received $1,000 from the boys and girls club on account and wrote off the remainder balance. Sept 1 Sold 5,000 Frisbees to Players R Us, Inc, terms 3/10, n30 FOB shipping point for $3.35 per Frisbee. Sep 5 Purchased land by issuing a $40,000, 12% 90-day note to Ace Development Co. Oct 1 Received payment in full from Players R Us, Inc. Oct 15 Paid off the Note for Equipment Nov 30 Paid sales salaries of $2,200 and office salaries of $1,100, utilities of $500, insurance expense of $300 and travel expenses of $150 Dec 5 Paid in full the September 5 note at maturity. Dec 31 Declared and paid cash dividend of $5,000 View Zoom + Bank Reconciliation Instructions Beginning bal. Journal Entries B D E 1 Journal Entries 2 3 Account Amount Date 1/15/20 Dr. Dr. 4 5 Cr. 6 7 2/10/20 dr 8 Cr 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Fris