Hoffman Excavating began business on January 1, 2017. Using an Excel spreadsheet, prepare journal entries for the following transactions that occurred during 2017.

• January 1, 2017 - The Owner invested $86,000 in cash and a building valued at $50,000 in the company.
• February 3, 2017 - The Company performed services for a client and immediately received cash in the amount of $5,500.
• February 28, 2017 - The Company purchased equipment on credit for $20,000.
• March 3, 2017 - The Company performed services for a client and billed the client for $6,000 to be paid with terms 1/10, n/30.
• March 5, 2017 - The Owner withdrew $4,000 in cash from the company.
• March 10, 2017 - The Company received payment from the client in the March 3rd transaction to pay on their account.
• April 7, 2017 - The Company paid cash for the bill for the equipment purchased on February 28th.
• December 20, 2017 - The Company purchased $1,500 of supplies on account. This bill will be paid in January 2018.