Bingo Corporation is a newly formed company. Below are the first 10 transactions that Bingo encountered.

Issued capital stock for $50,000 cash.B4:P23

#1

+50,00 (cash)

+50, 000 (capital stock)

Purchased building for $120,000, making a $20,000 down payment and signing a promissory note payable for the balance.

#2

Paid wages expense of $5,000.

#3

Provided services to customers for $15,000 cash.

#4

Paid utilities expense of $2,000.

#5

Reduced note payable with an $8,000 cash payment (ignore interest costs).

#6

Provided services to customers on account, $10,000.

#7

Incurred wages expense of $3,000, to be paid in the future.

#8

Collected $4,000 on an outstanding account receivable.

#9

Declared and paid dividend of $6,000.

#10