Problem 1 (17 poin ts) In March 2019, Peter Jones organized a corporation to provide transportation services. The company, called Jones Inc., began operations immediately. Transactions during the month of March were as follows. Mar. 2 The corporation issued 40,000 shares of capital stock to Peter Jones in exchange for $80,000 cash. Mar. 4 Purchased a truck for $45,000. Made a $15,000 cash down payment and issued a note payable for the remaining balance. Mar. 5 Paid $2,500 to rent office space for the month. Paid $900 for maintenance and repair services on the company truck. Mar. 19 Billed customers $25,700 for services performed. Mar. 28 Paid $14,600 in salaries earned by employees during the month. Mar. 29 Received an $830 bill for fuel used in March. The entire amount is due by April 15. Mar. 30 Declared a $1,200 dividend that will be paid on April 30. Mar. 31 The account titles used by Music Inc. are as follows: Accounts Payable Maintenance Expense Cash Accounts Receivable Dividends Payable Fuel Expense Truck Dividends Rent expense Notes Payable Salaries Expense Capital Stock Service Revenue Instructions: Record the journal entries for the above transactions. Account Titles and Explanation Date Debit Credit