PROBLEM 2 (10 points) Prepare the journal entry for each transaction in good form. The Company's fiscal year ends December 31st. (2 points each) 1. Purchased a building by paying $100,000 down, giving the seller 1,000 shares of the company's $3 par value common stock which was actively trading on the market at $10.50 per share, and taking out a $500,000 mortgage. 2. In November, received $2,000 of office supplies. The vendor requires payment in 30 days. 3. Provided services in December and mailed the client an invoice for $75,000 due in January. 4. Paid for the supplies received in November. 5. Received utility bill for $3,500 for use in December. Bill is due January 30 of next year.

PROBLEM 2 (10 points) Prepare the journal entry for each transaction in good form. The Company's fiscal year ends December 31st. ( 2 points each) 1. Purchased a building by paying $100,000 down, giving the seller 1,000 shares of the company's $3 par value common stock which was actively trading on the market at $10.50 per share, and taking out a $500,000 mortgage. 2. In November, received $2,000 of office supplies. The vendor requires payment in 30 days. 3. Provided services in December and mailed the client an invoice for $75,000 due in January. 4. Paid for the supplies received in November. 5. Received utility bill for $3,500 for use in December. Bill is due January 30 of next year