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Dec 1 5 9 10 19 22 31 31 31 Smith received $25,000 cash and issued ordinary shares to the shareholders. Paid monthly rent, $1,200.
Dec 1 5 9 10 19 22 31 31 31 Smith received $25,000 cash and issued ordinary shares to the shareholders. Paid monthly rent, $1,200. Paid $7,200 cash and signed a $31,000 note payable to purchase land for an office site. Purchased supplies on account, $1,500. Paid $700 on account. Borrowed $21,000 from the bank for business use. Smith signed a note payable to the bank in the name of the business. Service revenue earned during the month included $13,000 cash and $7,000 on account. Paid employees' salaries ($2,200), advertising expense ($1,600), and utilities expense ($1,500). Declared and paid a cash dividend of $6,200.
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