Mark Gordon decided to start a business as a disc jockey for wedding receptions, reunions, and other parties. His business is called Music Express. Prepare financial statements and closing entries for Music Express.

a.Mark transferred $7,000 from a personal bank account to an account to be used for his business in exchange for capital stock.

b.Purchased $5,700 of stereo equipment on account.

c.Paid for an advertisement in local newspapers, $500.

d.Paid cash for supplies, $75.

e.Received $1,000 cash from customers for music provided at class reunions.

f.Paid for stereo equipment purchased in (b).

g.Provided music at a wedding reception; the bride's father was billed $300.

h.Paid wages of an assistant, $150.

i.Received cash from the customer billed in (g).

j. Paid cash dividends, $575.