Dec. 1 Question 1 Dec. 1 Dec. 1 Waverly contributed $50,000 cash to the business in exchange for shares of common stock. Purchased $10,800 of equipment paying cash. Paid $1,400 for a four-month insurance policy starting on December 1. ing accounts: e accounts.) e adjusting data... Dec. 9 Paid $30,000 cash to purchase land to be used in operations. Dec. 10 Purchased office supplies on account, $3,000. Credit Dec. 19 Borrowed $20,000 from the bank for business use. Waverly signed a note payable to the bank in the name of the corporation. The note is due in five years. 10,800 Dec. 22 Paid $750 for advertising expenses. Dec. 26 Paid $1,200 on account. Dec. 28 The business received a bill for utilities to be paid in January, $210. Revenues earned during the month included $19,500 cash and $2,400 on account. Dec. 31 Dec. 31 Dec. 31 Dec. 31 Paid employees' salaries $3,600 and building rent $500. Record as a compound entry The business received $1,400 for auto screening services to be performed next month. Paid cash dividends of $2,500 to stockholders. Credit