Exercise 4-9 (Algo) Write journal entries LO 4-6 The transactions relating to the formation of Blue Company Stores Incorporated, and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $8,800. b. The firm borrowed $5,100 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,750 were purchased for cash. The original list price of the equipment was $1,960, but a discount was received because the seller was having a sale. d. A store location was rented, and $1,450 was paid for the first month's rent. e. Inventory of $14,400 was purchased; $8,600 cash was paid to the suppliers, and the balance will be paid within 45 days. f. During the first week of operations, merchandise that had cost $4,600 was sold for $5,300 cash. g. A newspaper ad costing $140 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $4,350 was purchased; cash of $1,250 was paid, and the balance is due in 30 days. i. In the last three weeks of the first month, sales totaled $13,500, of which $9,600 was sold on account. The cost of the goods sold totaled $8,900. j. Employee wages for the month totaled $2,000; these will be paid during the first week of the next month. k. The firm collected a total of $3,100 from the sales on account recorded in transaction i. I. The firm paid a total of $4,450 of the amount owed to suppliers from transaction e. Required: Prepare the journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.