PROBLEM: Felipe Garcia has operated a consulting business for the past three years from his home. On January 2, 2017, he decided to move to a lease office space. During January 2017, the business entered into the following transactions: Jan. 1 The following assets were received from Felipe Garcia: Cash, $30,000; Accounts Receivable, $40,000; Supplies, $6,000; and Office Equipment, $20,000. There were no liabilities assumed. Jan. 4 Paid three months' of rent on a lease rental contract, $12,000. Jan. 5 Paid the premiums on property and casualty insurance policies, $5,000. Jan. 6 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $10,000. Jan. 7 Purchased office equipment on account for $5,000. Jan. 8 Received cash from clients on account, $8,000. Jan. 11 Paid cash for a newspaper advertisement, $800. Jan. 12 Paid part of debt incurred on January 7, $3,000. Jan. 13 Jan. 14 Recorded services provided on account for the period January 1-12, $17,000. Jan. 15 Paid receptionist salary for two weeks, $2,000. Jan. 18 Recorded cash from cash clients for fees earned during Jan. 1-15, $12,000. Jan. 20 Paid cash for supplies, $2,500. Jan. 22 Recorded services provided on account for the period Jan. 13-20, $18,000. Jan. 25 Recorded cash from cash clients for fees earned during Jan. 18-22, $14,000. Jan. 26 Received cash from clients on account, $15,000. Jan. 28 Paid receptionist salary for two weeks, $2,000. Paid telephone bills for January, $400