value: 10.00 points M2-15 Identifying Transactions and Preparing Journal Entries [LO 2-3] Joel Henry founded Bookmart.com at the beginning of August, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience a. The company purchased equipment for $4,200 cash. The equipment is expected to be used for 10 or more years b. Joel's business bought $7,200 worth of inventory from a publisher. The company will pay the publisher within 45-60 days c. Joel's friend Sam lent $4,200 to the business. Sam had Joel write a note promising that Bookmart.com would repay the $4,200 in four months. Because they are good friends, Sam is not going to charge Joel interest. d. The company paid $1,600 cash for books purchased on account earlier in the month. e. Bookmart.com repaid the $4,200 loan established in (c). Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 123 4 5 The company purchased equipment for $4,200 cash. The equipment is expected to be used for 10 or more years. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal