Identify any errors in the journal entries for the following transactions:

QUESTION 1 JOURNAL ENTRIES 400 400 2,300 2,300 10,000 Identify any errors in the journal entries for the following transactions: 1. The company purchased supplies for $400. 2. The company purchased inventory for $2,300 on account. 3. The company prepaid $10,000 for six- months rent to the building landlord. 4. The company borrowed $40,000 from US Bank. 5. The company provided services for $8,000, on account. 6. The company paid $7,000 for last month's office rent. 1 Supplies expense Cash 2 Accounts payable Inventory 3 Prepaid rent Cash 4 Cash Notes payable 5 Fees earned Accounts receivable 6 Rent expense Prepaid rent 10,000 40,000 40,000 8,000 8,000 7,000 7000