A. Record the following journal entries for Jewel Company:1. Investors provided

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    A. Record the following journal entries for Jewel Company:1. Investors provided cash of $90000 for stock.2. Equipment of $100000 was purchased with 20% paid in cash and the balance on a 6 percent note payable.3. The company purchased $40000 of inventory on account.4. The company had sales on account of $50000. The cost of the inventory sold was $30000.5. Wages of $10000 were paid.6. Cash sales were $20000. The cost of the inventory sold was $12000.7. A utility bill of $1500 was received.8. The company collected $38000 of sales on account.9. The company paid $36000 of previous inventory purchases on account.10. Depreciation on equipment was $3000.11. One month ago Jewel Company purchased six months of insurance for $3600 record the entry to recognize the amount of insurance used.12. Record the interest expense on the note for one month.B. Determine the ending balance in cash.C. Determine the amount of net income before tax for the company.

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