P2-61A (Learning Objectives 4, 5: Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books) During December, Desimone Auction Co. completed the following transactions: Dec 1 Desimone received $23,000 cash and issued common stock to the stockholders. 5 Paid monthly rent, $1,900. 9 Paid $7,000 cash and signed a $28,000 note payable to purchase land for an office site. 10 Purchased supplies on account, $1,100. 19 Paid $700 on account. 22 Borrowed $19,000 from the bank for business use. Desimone signed a note payable to the bank in the name of the business. 31 Service revenue earned during the month included $14,000 cash and $6,000 on account. 31 Paid employees' salaries ($2,500), advertising expense ($1,300), and utilities expense ($1,700). 31 Declared and paid a cash dividend of $2,500. Desimone's business uses the following accounts: Cash, Accounts Receivable, Supplies, Land, Accounts Payable, Notes Payable, Common Stock, Dividends, Service Revenue, Salary Expense, Rent Expense, Advertising Expense, and Utilities Expense. 110 Chapter 2 Requirements 1. Journalize each transaction of Desimone Auction Co. Explanations are not required. 2. Post to these T-accounts: Cash, Accounts Payable, and Notes Payable. 3. After these transactions, how much cash does the business have? How much in total liabilities does it owe