I.Journalize each transaction below:

January 1: Stockholders invested $20,000 in exchange for common stock

January 2: Purchased supplies on account, $800 2: Purchased a 1 year insurance policy for $8,000 cash

January 2: Paid $12,000 in advance for rent

January 2: Signed a 7%, 12-month note at National Bank, 20,000

January 3: Received $5000 from customer for work to be completed at a future date

January 4: Received $2,000 for services provided

January 7: Paid utilities: $500 8: Incurred advertising costs on account, $1000

January 10: Billed customer for services provided, $7,500

January 12: Received $1000 from a customer who was previously billed