Complete the following table to record the proper journal en…

Complete the following table to record the proper journal entries for each transaction.  Do not enter dollar signs. 1) On Jan. 1, issued no-par common stock for $500,000 cash. 2) On Jan. 1, Purchased $120,000 of inventory on account. 3) On February 1, paid suppliers $120,000 for inventory previously purchased on account. 4) On  Feb. 1 Sold $60,000 services on account. Transaction Number Account title Debit Credit 1 [BLANK-1] [BLANK-2] 1 [BLANK-3] [BLANK-4] 2 [BLANK-5] [BLANK-6] 2 [BLANK-7] [BLANK-8] 3 [BLANK-9] [BLANK-10] 3 [BLANK-11] [BLANK-12] 4 [BLANK-13] [BLANK-14] 4 [BLANK-15] [BLANK-16]