Received contributions of $10,000 from each of the two principal owners in exchange for shares of stock.
Signed a two-year promissory note at the bank and received cash of $7,500. Interest, along with the $7,500, will be repaid at the end of the two years.
Purchased miscellaneous supplies on account for $350, payment due in 30 days.
Billed a client $2,000 for tax preparation services. According to an agreement between the two companies, the client is to pay 25% of the bill upon its receipt and the remaining balance within 30 days.
Paid a $650 bill from the local newspaper for advertising for the month of March.
Received 25% of the amount billed the client on March 19.
Received cash of $1,400 for services provided in assisting a client in preparing its tax return.
Purchased a computer system for $4,000 in cash.
Paid $1,650 in salaries and wages for March.
Received and paid $700 of gas, electric, and water bills.
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