Part II Recording Transactions The following transactions occurred during 2023: Jan. 3 The owners paid in $30,000 in exchange for 30,000 shares. Par value is also $1 per share. Jan. 4 Recorded a service sale of $17,000 to ABC Company on credit. The invoice due date is January 31. Jan. 25 Collected $17,000 on accounts receivable. Feb. 17 Purchased $7,000 of small tools on account. Feb. 28 Paid accounts payable $6,000. June 1 Purchased additional supplies, $5,000 cash. July 1 Borrowed $35,000 cash, signing a two-year 3 percent note payable. July 2 Purchased equipment for $25,000 cash. Dec. 15 Declared and paid a cash dividend, $12,000. Dec. 28 Received an $9,000 deposit on work to start January 15, 2024. Dec. 31 An additional $50,000 of professional fees (revenue) were earned during 2023. Sales of material (revenue) totaled $25,000. Except for $18,000 on credit, the rest of these sales were cash sales. Dec. 31 Miscellaneous expenses totaled $35,000 in 2023, including $11,000 on credit.

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