Using the following Chart of Accounts, prepare journal entries for each of the following transactions made by Bookstore, Inc. Bookstore, Inc. uses the perpetual inventory system. Chart of Accounts Cash Accounts Receivable Sales Prepaid Insurance Sales Returns & Allowances Supplies Prepaid Rent Sales Discounts Inventory Accounts Payable Accumulated Depreciation Equipment Utilities Expense Supplies Expense Depreciation Exp Cost of Goods Sold Sales Interest Expense Notes Payable Wages Payable Wages Expense Dave N. Port, Capital Dave N. Port, Drawing Insurance Expense May 1, 201X 1. Dave N. Port invested $205,000 cash into his new bookstore business called Bookstore, Inc May 22, 201X 2. Bookstore, Inc. took out a $500,000 loan from Bank USA, Inc. The terms of the loan state a 5.5% interest rate with the first monthly payment due July 1, 201X. he life of the loan is four years May 3, 201X 3. Bookstore, Inc. purchased 2 sales registers costing $1,100 each. The machines were purchased on account from Business Machines Inc. The purchase had terms of 2/10, net 30 May 4, 201X 4. Bookstore purchased used and new books, with the intent of reselling them, for $100,000 cash, from Book Wholesalers, Inc May 5, 201X 5. Dave N. Port, gave $75,000 worth of books from his personal collection to Bookstore, Inc. The intent is for these books to be resold through the new store May 6, 201X 6. Bookstore, Inc. sells 00 of books to a local elementary school for cash. The books had a cost value of $3,000 May 7, 201X 7. Bookstore, Inc. sells $15,000 of books on account to a local college. The terms of the sale are 210; n/30. The books had a cost value of $10,000 May 8, 201X 8. Bookstore, Inc. receives an electric bill in the amount of $175 and pays it immediately. May 9, 201X 9. The local elementary school that bought books from Bookstore, Inc. on May 6th returned $200 worth of books. Those books had a cost value of $150 May 10, 201X 10. Bookstore, Inc. paid the balance owing to Business Machines, Inc. from the May 3rd purchase