On Dec 31, 2021, the end of its most recent fiscal year, Frobozz Magic Company's post-closing trial balance was as follows: Debit Credit Cash $21,712 Accounts receivable 3,200 Supplies 7,238 Accounts payable Unearned service revenue $2,000 1,050 Common stock 5,700 Retained earnings 23,400 Total $32,150 $32,150 The company underwent a major expansion in Jan. New staff was hired and more financing was obtained. Frobozz Magic Company conducted the following transactions during Jan 2022, and adjusts its accounts monthly. Jan 01 Purchased equipment, paying $6,120 cash and signing a 2-year note payable for $19,480. The equipment has a 6-year useful life. The note has a 6% interest rate, with interest payable on the first day of each following month. Jan 02 Issued 21,200 shares of common stock for $53,000 cash. Jan 03 Paid $4,650 cash for a 12-month insurance policy effective Jan 01. Jan 10 Collected $2,400 cash on account from Frobozz International. This client was billed in December when Frobozz Magic Company performed the service.