Johnson & Associates, Inc., a consulting firm, begins business on Jan 1, 2015. The following events occur during the first month of operations:

Jan 1 Johnson incorporates with the state of Delaware and issues common stock in exchange for $50,000 in cash.

Jan 1 Johnson enters into a lease agreement for office space. The lease calls for monthly rent of $4,000 to be paid in advance and is due the first day of the month.

Jan 1 Johnson hires three employees with the following monthly salaries:

Programmer $4,500

Programmer $4,500

Manager $6,000

Jan 2 Johnson purchases various computer equipment in exchange for a promissory note in the amount of $24,000.

Jan 5 Johnson purchased various supplies on account for $7,500

Jan 1-31 Johnson performs various consulting services for clients on account totaling $29,000. Johnson invoices its clients once a month on the last day of the month.

Prepare journal entries as required to reflect the above transactions.