Instruction 1: Complete the first step in the accounting cycle: Record journal entries for the following transactions in the General Journal, which is the first sheet in the template file. Explanations are not needed. Nov. 2 5 Investors contributed $100,000 in exchange for shares of common stock. Purchased equipment at a purchase price of $20,000, by making a cash down payment of $8,000, and signing a note for the remainder. (HINT: This journal entry will have 3 accounts - one debit and two credits. Remember, debits have to equal credits in every journal entry) Purchased supplies on account for $1,135. Paid salaries, $9,000. Paid vendors on account, $ 14,615. Billed customers for services performed, $68,200. Received payments on account from customers, $27,420. Received bill for advertising campaign on WKKP, to be paid next month, $6,775. Paid 6 month insurance premium, $9,700. 10 12 13 22 24 Received $11,000 from customers for work to be performed in Dedamber. 30 Paid dividends of $7,500