Gold Inc. had the following information for their first month of operations (March 2009):

1. Stockholders invested an additional $36,000 cash in the business.

2. Purchased land costing $18,000 for cash.

3. Purchased equipment costing $9,000 for $4,500 cash and the remainder on credit.

4. Purchased supplies on account for $800.

5. Paid $3,000 for a one-year insurance policy.

6. Received $2,000 cash for services performed.

7. Performed services of $4,000 on account.

8. Paid wages to employees for $2,500.

9. Paid dividends to stockholders of $400.

10. Paid $300 for March rent.

Instructions

1. Record each transaction using the spreadsheet format. 

2. Prepare an income statement for the month of March.

3. Prepare journal entries for the following transactions above: 1, 4, 6 & 9.