Problem #1 - 20 Marks Prepare the journal entries for the following transactions and indicate the type of account being used with the following convention. Alternatively, indicate where a journal entry is not required. A- Asset SE - Shareholder's Equity R - Revenue L - Liability E-Expense Cash (A) $1,000 e.g. Dr. a) Issued 25,000 shares with a $17.50 per share market value. b) Bought a building for $250,000 and Land for $100,000. Paid 25% in cash and the balance with a 10-year, 4% interest note payable. c) Paid insurance premiums for the year in the amount of $8,000. d) Purchased $32,500 of inventory, 30% cash and the balance on credit. e) Declared and paid a $2,500 dividend. f) Negotiated an annual contract to provide safety services to the university for $125,000/ year. g) Sold $22,750 of services on account, no parts were required. h) Collected a $5,500 cash deposit from customers for custom orders. i) Paid salaries and wages of $8,500. D) Paid the balance owing on inventory previously purchased in part d)