Item15 1points eBook Print References Check my workCheck My Work button is now enabled Item 15 E3-21 (Static) Determining the Effects of Various Transactions [LO 3-3, LO 3-5] EZ Reader was founded in January to provide text reading and recording services. Selected transactions for EZ Readers first month of business are as follows: Issued common stock to investors for $50,000 cash. Billed customers $10,500 for services performed in January. Purchased equipment for $24,500 for use in the business. Paid in cash. Purchased and received $2,400 of supplies on account. Received $7,500 cash from customers billed in transaction (b). Used $1,500 in utilities, which will be paid in February. Paid employees $3,500 cash for work done in January. Paid $1,200 cash toward supplies purchased in transaction (d).