Prepare journal entries and adjusting entries for these transactions, using the given accounts.

Transactions for January, 2003 CPA Associates, Inc. Spreadsheet Project 1/1 Two company owners each invested $12,000 ($24,000 total) in cash in exchange for capital stock in the new company. 1/1 The company paid by check the first month's rent of $4,200 for their fully-furnished office. 1/2 The company purchased $3,300 worth of supplies on account from Big Office Supply Company. 1/4 Performed work valued at $4,500 for the first customer, ABC Company, and the customer immediately paid that amount. 1/9 Purchased $1,900 worth of supplies on account from Little Office Supply Company. 1/15 Paid for the supplies purchased on 1/2. 1/16 Billed the second customer, LMNOP Company, for $2,500 work performed that will be paid at a later date. 1/22 Paid $325 for January telephone service. 1/23 Billed the third customer, XYZ Corp. for $6,700 work performed that will be paid at a later date. 1/24 Paid $180 for utilities. 1/26 Received payment from LMNOP Company for services billed on 1/16. 1/30 Paid $2,200 to each of the two stockholders ($4,400 total). 1/31 Inventoried supplies and counted items with a total value of $1,760. FIGURE 1 Chart Of Accounts BALANCE SHEET ACCOUNTS Assets: 110 Cash 130 Accounts Receivable 140 Supplies INCOME STATEMENT ACCOUNTS Revenues: 410 Client Fees Expenses: 510 Supplies Expense 590 General Expense Liabilities: 210 Accounts Payable Owner's Equity 310 Capital Stock 311 Retained Earnings 312 Dividends