eBook Transaction Analysis and Financial Statements Just Rolling Along Inc. was organized on May 1 by two college students who recognized an opportunity to make following transactions occurred during the first month of operations Received contribution of $9,000 from each of the two principal owners of the new business in exchange for shares of stock. Purchased ten bicycles for $300 each on an open account. The company has 30 days to pay for the bicycles. Registered as a vendor with the city and paid the $15 monthly fee. Purchased 20 pairs of in-line skates at $125 per pair, 20 helmets at $50 each, and 20 sets of protective gear (knee and elbow pads and wrist guards) at $45 per set for cash. May 1: May l: May 5. May 9. May 10 Purchased $100 in miscellaneous supplies on account. The company has 30 days to pay for the supplies. Paid $125 bill from local radio station for advertising for the last two weeks of May. Customers rented in-line skates and bicycles for cash of $1,800. Billed the local park district $1,200 for in-line skating lessons provided to neighborhood children. The park district is to pay one-half of the bill within five working days and the rest within 30 days. May 15: May 17: May 24: May 29: Received 50% of the amount billed to the park district. May 30: Customers rented in-line skates and bicycles for cash of $3,000. May 30: Paid wages of $160 to a friend who helped over the weekend. May 31: Paid the balance due on the bicycles Required