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Prepare journal entries for the following five transactions Sold $12,000 of merchandise, on account Borrowed $9,000...

Prepare journal entries for the following five transactions

  1. Sold $12,000 of merchandise, on account
  2. Borrowed $9,000 cash from a bank, payable in 3 months
  3. Issued 1,500 shares common stock at $1 par for $10,000 cash
  4. Recognized $2,000 rent expense for the month
  5. Received $12,000 for contract services to be completed in the following month
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