1. Please write a 4-6 sentence paragraph on the following question. Describe each of the 4 basic financial statements. What is the relationship between them? 2. During the first month of operations (March 2011) Jerry Enterprises completed the following selected transactions: a.The business received $12,000 in cash and a building valued at $52,000. The corporation issued stock to the contributors of these. b.Borrowed $15,800 from the bank and signed a note payable to them c.Paid $12,000 for equipment d.Purchased supplies on account for $200 e.Paid employees’ salaries of $2,100 f.Performed services for customer on account, $2,800 g.Paid $100 of the accounts payable in transaction d above h.Received a $800 bill for advertising expense that will be paid in the near future i.Received cash on account, $1,600 j.Paid rent of $1,200 Required: Prepare the journal entries for the above transactions

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