Analyzing Transactions Several years ago, Mary Emerson founded Emerson Consulting Inc., a consulting business specializing in financial planning for young professionals. The following captions and amounts summarize Emerson Consulting's balance sheet at January 1, the beginning of the current year: Assets Liabilities + Equity Cash Accounts Receivable Accounts Notes Common Retained Supplies Payable Payable Stock Earnings 3,000 + 6,600 + 4,800 500 1,000 10,000 2,900 During January, the following transactions occurred: a. Issued common stock to a new stockholder in exchange for $12,000 cash. b. Performed advisory services for a client for $3,850 and received the full amount in cash. c. Received $925 on account from a client for whom services had been performed on credit. d. Purchased supplies for $1,140 on credit. e. Paid $875 on accounts payable. f. Performed advisory services for $2,980 on credit. g. Paid cash of $1,350 for secretarial services during January. h. Paid cash of $800 for January's office rent. i. Paid utilities used in January in the amount of $1,340. j. Paid a dividend of $500.