25% Zoom + Add Page Insert Table Chart Text Shape Media Comment Show ALL computations to Receive Full Credit Question (1): Journal Entries [10 Points The following information relates to the operations of a new company called Excellence Consulting Company. Required: Prepare the Journal Entries. No Explanations are Required. 1. Shareholders invested $1,000,000 cash and a building costing $500,000 in exchange for share capital 2. Purchased office equipment costing $20,000 on account. 3. Provided consulting services for clients costing $25,000 on account. 4. Purchased office furniture for $300,000. Paid $150,000 and signed a note payable for the remaining balance. 5. Made a 30% payment on the note payable. 6. Collected $5,000 cash in advance for services to be provided to clients over the next year. 7. Collected $2,000 Accounts receivable. 8. Purchased office equipment costing $30,000 cash. 9. Purchased a one-year insurance policy for $10,000 cash which will cover the company over the next year. 10. Paid 15,000 cash salaries to employees. Transaction Accounts Number DR CR (1)