Transactions Reconstructed from Financial Statements The following financial statements are available for Oak Corporation for its first month of operations:

Required Describe as many transactions as you can that were entered into by Oak Corporation during the first month of business.

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Oak Corporation Income Statement For the Month Ended July 31, 2008 Service revenue $75,400 Expenses: Rent $ 6,000 Salaries and wages 24,600 Utilities 12,700 43,300 Net income $32,100 Oak Corporation Balance Sheet July 31, 2008 Assets Liabilities and Stockholders' Equity Cash $13,700 Wages payable $ 6,000 Accounts receivable 25,700 Notes payable 50,000 Equipment 32,000 Unearned service revenue 4,500 Furniture 14,700 Capital stock 30,000 Land 24,000 Retained earnings 19,600 Total liabilities and Total assets $110,100 stockholders' equity $110,100