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The following transactions occurred at the Daisy King Ice Cream Company 1. Started...

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Accounting

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The following transactions occurred at the Daisy King Ice Cream Company 1. Started business by issuing 10,000 shares of common stock for $31,000. 2. Signed a franchise agreement to pay royalties of 4% of sales. 3. Leased a building for three years at $610 per month and paid six months' rent in advance. 4. Purchased equipment for $6,500, paying $1,000 down and signing a two-year, 12% note for the balance. 5. Purchased $2,900 of supplies on account. 6. Recorded cash sales of $1,900 for the first week. 7. Paid weekly salaries and wages, $870. 8. Paid for supplies purchased in item (5) 9. Paid royalties due on first week's sales. 10. Recorded depreciation on equipment, $90 Required Prepare journal entries to record each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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