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The transactions relating to the formation of Blue Co. Stores, Inc., and its first month of operations follow. The firm was organized and the stockholders invested cash of $16,000. The firm borrowed $10,000 from the bank; a short-term note was signed. Display cases and other store equipment costing $3,500 were purchased for cash. The original list price of the equipment was $3,800, but a discount was received because the seller was having a sale. A store location was rented, and $2,800 was paid for the first months rent. Inventory of $30,000 was purchased; $18,000 cash was paid to the suppliers, and the balance will be paid within 30 days. During the first week of operations, merchandise that had cost $8,000 was sold for $13,000 cash. A newspaper ad costing $200 was arranged for; it ran during the second week of the stores operations. The ad will be paid for in the next month. Additional inventory costing $8,400 was purchased; cash of $2,400 was paid, and the balance is due in 30 days. In the last three weeks of the first month, sales totaled $27,000, of which $19,200 was sold on account. The cost of the goods sold totaled $18,000. Employee wages for the month totaled $3,700; these will be paid during the first week of the next month. The firm collected a total of $6,320 from the sales on account recorded in transaction i. The firm paid a total of $9,440 of the amount owed to suppliers from transaction

e. write journal entry(ies) for each of the transactions of excerise 4.7

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