1. Oleg Buzzini is the sole stockholder of Cutting Edge Fashion Corporation, a fashion consulting firm that earns its revenue in the form of consulting fees.Below are the transactions which occurred in the operation of Cutting Edge during the month of June.Record each transaction of Cutting Edge on the worksheet that has been supplied for this purpose, including entries in the description column in proper form where required.There is no need to total all of the columns.(36 points)

July 1 Purchased Building at a cost of $185,000, making a cash down payment of $20,000. Borrowed the rest from a bank and issued a promissory note for the amount due.

July 4 Performed consulting services for a client on account, $14,500

July 12 Oleg Buzzini purchased stock in Cutting Edge for $15,000.

July 18 A customer paid $16,000 to Cutting Edge on account

July 20 Paid salary of assistant, $4,500

July 31 Paid $1,000 to the bank, of which $100 was interest and the rest

was a repayment of the loan.

July 31 Cutting Edge paid Buzzini a dividend of $500

in spreadsheet form below

#2 & 3a Assets Liabilities + Shareholder's Equity Accounts Prepaid Accum Accounts Notes Common Retained Description of Retained Date Cash Receivable Insurance Supplies Building Dep-Building Payable Payable Stock Earnings Earnings Transaction July 1 bal. 39,000 10,000 1,200 500 14,000 10,000 26,700