Prepare the necessary journal entries for the following transactions for Mahoney Co. 
Definitions:
Debt
An amount of money borrowed by one party from another under the condition that it is to be paid back at a later date, often with interest.
Spending
The act of using money to purchase goods or services.
Withdrawals
The act of taking money out from a bank account or investment.
Retirement Fund
A financial arrangement designed to replace employment income upon retirement, often consisting of contributions from employers, employees, or both.
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