McDoogan Inc. engaged in the following transactions in 2019. Jan 1 The owner invested $70,000 into the company in exchange for 5,000 shares of no-par common stock. Jan 1 Purchased a computer system for $32,000. Jan 14 Purchased $1,200 of supplies on account. Feb 25 Invoiced clients for services provided on account, $36,000. Mar 31 Paid rent for two years, $19,200. April 1 The company borrowed $50,000 from Bank of America. May 14 Collected $8,500 on account. June 1 Purchase a delivery van to delivery copies to customers, the van had a purchase price of July 31 $53,000, taxes on the van were $5,000 and document charges of $1,500 were paid. Paid $800 on account for supplies purchased on January 14. Aug 10 Received cash for services provided, $10,200. Sept 1 Paid utilities of $4,000. Oct 1 Received $30,000 in advance for services to be provided in the future. Nov 15 Paid for an ad in the local newspaper, $1,500. Nov 27 Processed employee payroll and employer taxes, gross earnings were $4,000. Nov 30 Paid the employee salaries, taxes are not due until January. Dec 15 The company declared and paid $6,000 in dividends. Dec 30 Invoiced clients for services performed totaling $9,000. Dec 27 Processed employee payroll and employer taxes, gross earnings were $4,000. Dec 30 Paid the employee salaries, taxes are not due until January