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7:04 Answer 1 of 1 Done In Answer - Requirement asked, based on format and data available Account Cash receivables $332,000 $54,000 ($204,000) 4 1 12 3 $121,000 5 $90,000 09 ($30,500) 17 8 ($22,000) $219,500 $121,000 $I Sunshine Company began operations on January 1, 2020. In its first year, the following transactions occurred: 1. Issued common shares for $332,000 cash. 2. Borrowed $ 54,000 from the bank for a five-year term 3. Purchased equipment for $ 204.000 cash, 4. Purchased supplies, on account, for $ 5,500 5. Sales on account amounted to $ 121.000, 6. Collected $ 90,000 from customers for services provided. 7. Paid wages of S 30.500 to employees 8. Paid $ 22,000 for utilities (telephone, electricity, heat, & water). For Sunshine Company, the following adjustments are required prior to them being able to prepare financial statements for the year ended December 31, 2020 1. The bank loan was taken out on January 1"' and has an interest rate of 8%. Interest is due January 1 of the following year. 2 The equipment was purchased on January 1" and has an estimated useful life of 10 years and a residual value of $ 10.000. The company uses the straight-line depreciation method 3. Wapes in the amount of $ 2,000 were owed at year end Sunshine Company began operations on January 1, 2020. In its first year, the following transactions occurred: 1 Issued common shares for $ 367,000 cash. 2. Borrowed $ 62,000 from the bank for a five-year term. (Use Bank Loan Payable) 3. Purchased equipment for $ 208.000 cash. 4. Purchased supplies, on account for $5,000. 5. Sales on account for services provided amounted to $ 119,000. 6. Collected $ 86,000 from customers for services provided earlier. 7. Paid wages of $ 32,500 to employees. 8. Paid $ 20,500 for utilities (telephone, electricity, heat, & water). Prepare journal entries to record each of the above transactions. (Credit account titles are automatically indented when the an entered. Do not indent manually. If no entry is required, select "No Entry"for the account tities and enter for the amounts.)