More Info - X Dec. 1 Dec. 1 Dec. 1 Dec. 9 Dec. 10 Dec. 19 Washington contributed $63,000 cash to the business in exchange for capital. Purchased $10,800 of equipment paying cash. Paid $2,750 for a five-month insurance policy starting on December 1. Paid $28,000 cash to purchase land to be used in operations. Purchased office supplies on account, $2,300. Borrowed $27,000 from the bank for business use. Washington signed a note payable to the bank in the name of the corporation. The note is due in five years. Paid $800 for advertising expenses. Dec. 22 Dec. 26 Dec. 28 Dec. 31 Dec. 31 Paid $500 on account. The business received a bill for utilities to be paid in January, $230. Revenues earned during the month included $20,000 cash and $2,700 on account. Paid employees' salaries $4,000 and building rent $500. Record as a compound entry. The business received $1,050 for auto screening services to be performed next month. Dec. 31 Washington withdrew cash of $4,500. Dec. 31 Print Done