Welch & Associates, Inc., completed the following transactions during September 2010, its first month of operations:

Requirement 1. Using the steps outlined in the five-step transaction analysis, journalize the transactions of Welch & Associates, Inc. List transactions by date.

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Sep 1 Sold $40,000 of stock to Katie Welch to start the business. 3 Purchased supplies on account, $200. 5 6 11 18 24 Paid cash for a building to use for storage, $32,000. Performed service for customers and received cash, $3,000. Paid on accounts payable, $100. Performed service for customers on account, $2,900. Received cash from a customer on account, $1,500. 30 Paid the following expenses: salary, $650; and rent, $1,100.