Perfect Printers Inc. completed the following transactions during October 2020, its first month of operations.

Record the transactions in the journal of Perfect Printers Inc. Key transactions by date, and include an explanation for each entry.

Transactions

Oct.

1

Received

$25,000

and issued common shares.

Oct.

2

Purchased

$800

of office supplies on account.

Oct.

4

Paid

$20,000

cash for land to use as a building site.

Oct.

6

Performed services for customers and received cash of

$5,000.

Oct.

9

Paid

$100

on accounts payable.

Oct.

17

Performed service for

WaterlooSchoolBoard

on account totalling

$1,500.

Oct.

23

Collected

$1,000

from

WaterlooSchoolBoard

on account.

Oct.

31

Paid the following expenses: salary,

$1,000;

rent,

$500.