Below are the transactions of the company in December 2022:

Dec 1 Issued 1,000 shares of share capital in exchange for $10,000 cash

2 Borrowed $11,000 from bank by issuing 6-month notes payable. 3 Purchased office supplies that cost $500 with $230 cash and the

balance on account.

7 Paid the dividend of $400 declared in October 2022 which become

due on 7 December 2022 to shareholders.

10 Billed clients $3,560 for agency service performed, with $2,000

collected immediately by cash and the balance due in next month. 13 Received $2,000 from clients in advance for service to be conducted

over the next few months.

17 Collected fees receivable of $5,800 from a client.

21 Issued a check in full payment of the office supplies purchased on 3

December.

26 Declared a dividend of $400 to be paid on 24 February 2023. 30 Paid Decembers salary expense of $1,790 and settled all salary

payable outstanding.

Instructions

(a) Journalize the December transactions.