Problem 7.1 **7 only (pages 208-209): Biando Corporation began operations on May 1, 2010 and completed the following transactions during its first month of operations. A. Sold capital stock for $30,000.
B. Purchased land and building valued at $35,000 and $165,000, respectively, by paying $10,000 cash and signing a 20-year mortgage for the balance.
C. Purchased office equipment on account, $7,500.
D. Billed a customer for services performed, $5,000.
E. Received an $800 deposit from a customer for services to be performed next month.
F. Made a partial payment on account for the office equipment purchased in transaction (C), $1,500.
G. Performed a service and immediately collected $2,000.
H. Received and immediately paid the telephone bill for the month, $380.
I. Paid a dividend to owners, $3,000.
J. Received, but did not pay, the monthly utility bill, $450.

7. Prepare the closing entries.