1. Receive $20,000 in exchange for common stock 2. Purchased $2,000 of inventory on credit 3. Sell inventory for $3,000 on credit 4. Record cost of goods sold in 3 5. Collect $3,000 cash from transaction 3 6. Acquire $5,000 of equipment by signing a note 7. Pay wages of $1,000 in cash 8. Pay $5,000 cash on a note payable 9. Pay $2,000 cash dividend