I. On March 1, 2016, Charles Byutee and Bernard Beest started an architectural firm called Byutee, Beast and Associates. Record the following transactions in general journal form:

March 1. Byutee and Beest invested a total of $100,000 cash, and $20,000 of office equipment in exchange for 100 shares of capital stock.

1. Purchased office desks and chairs for $3,000 on credit.

1. Purchased a one-year professional liability insurance policy for $2,400 that will provide coverage from March 1, 2016 to February 28, 2017.

3. Paid office rent for March, $4,500.

5: Purchased $2,000 of office supplies for cash.

8: Billed and collected $10,000 from client ABC for services performed.

12. Billed Client DEF $16,000 for services rendered.

15. Paid the secretary his semi-monthly salary of $1,000.

16. Purchased $1,000 of office supplies on account.

19. Purchased three notebook computers for $12,000. Paid $5,000 down and signed a promissory note for the balance.

20. Received a telephone bill for $100 and an invoice for utilities (electricity and gas) for $1,000.

21. Paid April and May rent, $9,000.

22. Purchased and paid for an office copier, $5,000.

28. Paid the telephone bill that was received on March 20.

29. Paid $200 for cleaning services for the office.

31. Paid the secretary his semi-monthly salary of $1,000.

31. Received $3,500 from Client DEF in partial payment of the March 12 invoice.

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