Chester Inc started their Service Business in 2021 and had the following transactions

1The Business Acquired$122,500cash from the issue of common stock.

2The Business Provided services for$28,000cash. This means the client paid when the services were rendered

3The Business Provided$77,000of services on account.

4The Business Incurred$9,800of other operating expenses on account.

5The Business Paid$42,000cash for salaries expense.9/27/20213:35 PM

6The Business Collected$24,500cash from the account receivable created in Event 3.

7The Business Paid$6,300cash to purchase supplies. Treat this transaction as Operating Expenses paid.

8The Business Received$15,400cash in advance for services to be performed in the future.

9The Business Collected$49,000cash from the account receivable created in Event 3.

10The Business Performed60.0%of the services agreed to in Event 8.