Castle Consulting Agency began business in February 2012. The transactions entered into by

Castle during its first month of operations are as follows:

a. Acquired articles of incorporation from the state and issued 10,000 shares of capital stock in exchange for $150,000 in cash.

b. Paid monthly rent of $400.

c. Signed a five-year promissory note for $100,000 at the bank.

d. Purchased software to be used on future jobs. The software costs $950 and is expected to be used on five to eight jobs over the next two years.

e. Billed customers $12,500 for work performed during the month.

f. Paid office personnel $3,000 for the month of February.

g. Received a utility bill of $100. The total amount is due in 30 days.

Required

Prepare in journal form the entry to record each transaction.