3 Janet Enterprises incorporated on May 3, current year. The company engaged in the following transactions during its first month of operations 25 points May Issued capital stock in exchange for $950,000 cash. May 4 Paid May office rent expense of $1,800. May 5 Purchased office supplies for $600 cash. The supplies will last for several months. May 15 Purchased office equipment for $12,400 on account. The entire amount is due June 15. May 18 Purchased a company car for $45,000. Pald $15,000 cash and issued a note payable for the remaining amount owed. May 20 Billed clients $120,000 on account. May 26 Declared an $8,000 dividend. The entire amount will be distributed to shareholders on June 26. May 29 Paid May utilities of $500 May 30 Received $90,000 from clients billed on May 20 May 31 Recorded and paid salary expense of $32,000 eBook References A partial list of the account titles used by the company includes the following Accounts Receivable office Supplies Office Equipment Vehicles Dividends Payable Dividends Capital Stock Client Revenue Office Rent Expense