Record the necessary journal entries based on the selected transactions completed by Everyday Products Inc. during the month ended January 31, 2014. January 1, 2014 - Everyday Products Inc. received $280,000 cash in exchange for capital stock to owners. January 1, 2014 - Paid premiums on annual liability insurance policies, $12,000. January 2, 2014 - Purchased supplies at a cost of $8,000 on account. January 2, 2014 - Paid for six months' rent on a building for $24,000. January 3, 2014 - Purchased equipment at a cost of $100,000. Equipment was paid for with cash. January 6, 2014 - Paid cash of $500 for a newspaper advertisement to run during the month of January 2014. January 15, 2014 - Purchased $30,000 of merchandise on account. January 23, 2014 - Made sale on account to customer for $60,000. The sold inventory cost $15,000. January 30, 2014 - Received payment from customer for sale that took place on January 23, 2014. January 31, 2014 - Paid a monthly dividend of $20,000. January 31, 2014 - The following information was available at month end. Annual liability insurance expired for month of January 2014. Supplies on hand totaled $2,000 based on physical count. Equipment was depredated $1,700 for the month of January 2014