Li & Chen Bookkeeping Services Co. made the following transactions during September

2019, its first month of operations

1. Issued 1,000 shares of $1 par value for $15,000 cash and office equipment having a $10,000 value.

2. Rented office space and paid first months rent of $800.

3. Purchased supplies on account for $400.

4. Purchased additional office equipment worth $3,000 by signing a long-term note with a creditor.

5. Billed a client $1,200 for services performed.

6. Paid salaries of $800 for the month.

7. Purchased on 1 September a 2-year insurance policy for $2,400 cash.

8. Collected payment from the client of $600.

9. Received utility bill for $200 to be paid in October.

10. Made payment of $250 on account for the purchase of supplies.

11. Paid $300 in cash dividends

12. Received $1,800 from a client for bookkeeping services to be undertaken next month