For the past several years, Aaron Jones has operated a consulting business from his home on a parttime basis. As of December 1, 20X1, Aaron decided to move to rented quarters and incorporate his business as Progress Consulting Inc. Progress Consulting was authorized to issue 100,000 shares of $1 par value common stock. Progress Consulting entered into the following transactions during December: 1 st Aaron Jones invested the following assets in the business: cash, $6,500; supplies, $1,250; and office equipment, $27,900. Mr. Jones received common stock in an amount equal to his investment. 2 nd Paid $4,500 for rent for December 20X1 through February 28, 20X2. 3 rd Paid $1,800 for a one-year premium on property and casualty insurance. The policy covers the period December 1, 20X1, to November 30, 20X2 4 th Received $3,500 cash from a client as an advance payment for services to be performed in the future. 5 th Purchased additional office equipment on account from Payne Company for $1,800. 10th Paid $2,300 for a newspaper advertisement. 11th Paid Payne Company for part of the debt incurred on December 5, $900. 12th Billed clients for services performed on account, $1,200. 17th Received cash payment from client for services performed on this date, $8,_ _ _.* 18th Paid $1,_ _ _ for supplies.* 20th Billed clients for services performed on account, $1,100. 24th Received cash payment from client for services performed on this date, $1,850. 25th Received cash from clients as payment on account, $1,300. 30th Paid $330 for utilities for December. 31st Paid cash dividend of $2,_