On August 18^th, 2019, she borrowed $28,000 from her cousin, Emily to start the business. Three days later she opened the company's bank account, depositing the loan and $30,500 of her own money.Later that week she signed a one year lease for a third floor office. The office lease was considered a good deal, placing her in a technology business park. The lease cost was $3,200 per month, requiring a standard one month's rent payment in August for September's rent, plus a $3,500 security deposit.She also purchased computer equipment, software, and office furniture needed for her business.She ordered business stationery, cards, and various other office supplies, costing $1,550 that were delivered on August 28^th. On August 30th, she signed a one year umbrella business insurance policy for $2,100 that covered a state required liability insurance, plus renters insurance for everything in her leased office.

Teal Digital Consulting opened for business on September 1, 2019. During a hangout chat, her cousin Emily helped her list out the new company's resources and obligations before she began to seek her first contracts. On the first day the business opened, Megan had spent all but $16,450 of the company's cash. Below is Megan's list of her company's assets and liabilities as of September 1^st, 2019... the first day of business.

Assets, Liabilities, and Owner's Equity

Cash in bank $16,450, Loan $28,000

Office supplies 1,550, Megan's equity $30,500

Computers $17,000, Software $6,200, Furniture and fixtures $8,500

Prepaid rent $3,200, Prepaid insurance $2,100, Lease Deposit $3,500

Megan found the following information she had accumulated during the two months of operations:

1. Clients had paid $49,500 for completed work, and Diablo-League still owed a total of $10,500 for work that had been completed and delivered to them in late October. There were no projects underway, as the office closed for Halloween on October 31^st.

1. Additional office supplies had been purchased for cash for $1,500, and office supplies that had cost $1,300 were still on hand.

1. Rent of $6,400 (two months) paid at the end of October and September was paid. Utility bills (electric, water, cell phones, internet, etc) of $1,975, a repair of equipment of $3,800, and $36,000 in salaries where paid to the company's four employees (plus $6,000 paid to Megan).

1. Additional office equipment for $7,000 and a one year software lease for $1,300 was purchased on October 30. Half of that amount was paid for, and the remainder due one month later.

Please Complete the Following

1. Record journal entries to summarize the transactions from August 18 to October 31.