ACT 530-01, Fall 2020 Assignment 2 (22 points) Name: (first came middle name and For Questions 1 through 11, prepare journal entries for the transactions. Each question is worth 1 point. (11 points) Use the account titles that are provided on the next page on General Ledger, Example: The company bought a piece of land by paying $25,000 cash. Land 25,000 Cash 25,000 1. The company raised $5,000 cash by issuing common stock. 2. The company raised $10,000 cash by taking out a bank loan for that amount 3. The company made a service sales for $2,000 cash. 4. The company bought a piece of equipment for $3,000 cash. 5. The company bought one-year insurance on the equipment for $600 cash. 6. The company bought supplies for $150 on credit. 7. The company made a service sales of $350 on credit. 8. The company received a cash payment of $225 from previous credit sales. 9. The company paid $100 cash for the credit purchase of supplies. 10. The company paid rent expense of $450 in cash. 11. The company paid $50 cash dividend. 12. Post the journal entries for Questions 1 through 11 to the T-accounts on the next page. (11 points) General Ledger Assets Liabilities Equity Cash Accounts Payable Common Stock Retained Earnings Notes Payable Sales Revenue Accounts Receivable Rent Expense Interest Payable Interest Expense Prepaid Insurance Depreciation Expense Supplies Insurance Expense Equipment Supplies Expense Dividends Accumulated Depreciation