Grace Main began the Main Answering Service in December 2015. The firm provides services for professional people and is currently operating with leased equipment. On January 1, 2016, the assets and liabilities of the business were: Cash Accounts Receivable Accounts Pavable Notes Payable Common Stock Retained Earnings $%6,400 6,900 1,600 1,500 10,200 0 The following transactions occurred during the month of January: Paid rent on office and equipment for January, $1,800. 2 Collected $4,500 on account from clients 3 Borrowed $3,000 from a bank and signed a note payable for that amount. 4 Billed clients for work performed on account, $12,500. 5 Paid $1,400 on accounts payable. 6 Received invoice for January advertising, $550. 7 Paid January salaries, $3,800. 8 Paid January utilities, $430. 9 Paid stockholders a dividend of $3,600 cash. 10 Purchased fax machine (on January 31) for business use, $1,400. 11 Paid $30 to bank as lanuary interest on the outstanding note pavable Jan 1