value: 5.00 points Glenn Grimes is the founder and president of Heartland Construction a real estate development venture. The business transactions during February while the company was being organized are listed below. Feb. 1 Grimes and several others invested $500.000 cash in the business in exchange for 25,000 shares Feb. 10 The company purchased office facilities for $285.000, of which $95.000 was applicable to the land and $190,000 to the building. A cash payment of $57,000 was made and a note payable was issued for the balance of the purchase price Feb. 16 Computer equipment was purchased from PCWorld for $11.200 cash. Feb. 18 Office furnishings were purchased from Hi-Way Furnishings at a cost of $9.450 A $945 cash payment was made at the time of purchase and an agreement was made to pay the remaining $8.505 in two equal installments due March 1 and April 1. Hi-Way Furnishings did not require that Heartland sign a promissory note. eb. 22 Office supplies were purchased from Office World for $435 cash. 23 Heartland discovered that it paid too much for a computer printer purchased on February 16. The unit should have cost only $350, but Heartland was charged $395. PCWorld promised to refund the $45 within seven days Feb. 27 Malted Hi-Way Furnishings the first $4253 due on the account payable for office furnishings purchased on February 18 Feb.28 Received $45 from PCWord in full settlement of the account receivable created on February 23 a Prepare journal entries to record aver transactions Select the approprate account titlestrom me following chart of accounts Round your answers to the nearest dollar amount omit the signin your response) Www Cash w/ Accounts Recewable Office Supplies Office Furnishings/ Computer systems Lang once Building Notes Payable Accounts Payable Snare Capital Date General Journal Debit Credit Feb 1 (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) 16 (Click to select) (Click to select) 18 (Click to select) (Click to select) (Click to select) Click to select) (Click to select) (Click to select) (Click to select) 27 (Click to select) (Click to select) 28 Click to select) (Click to select b. Indicate the effects of each transaction on the company's assets, liabilities, and equity for the month of February. Organize your analysis in tabular form as shown for the February 1 transaction (Input all amounts as positive values. Round your answers to the nearest dollar amount. Omit the "S sign in your response Transaction Feb. 1 Assets + $500,000 (Cash) Liabilities 50 Equity + $500,000 (Share Capital) Transaction Feb. 1 Liabilities Equity (Share Capital) Feb 10 (Notes Payable) Feb. 16 Feb. 18 Assets (Cash) (Land) (Office Building) (Cash) (Computer Systems) (Cash) (Office Furnishings) (Cash) (Office Supplies (Cash (Accounts Receivable (Computer Systems) (Cash) (Cash (Accounts Receivable) (Accounts Payable) Feb. 22 V 0 Feb. 23 Feb. 27 Feb. 28 (Accounts Payable) O References