Project 1 R For the past several years, Aaron Jones has operated a consulting business from his home on a part-time basis. As of December 1, 20X1, Aaron decided to move to rented quarters and incorporate his business as Progress Consulting Inc. Progress Consulting entered into the following transactions during December 12/1 Aaron jones invested the following assets in the business: cash, $56,000; supplies, s10,000; and office equioment, $25,000. Mc. Jores received stock in an amount equal to his 12/2 Paid $8,400 for rent for December 20X1 through February 28, 20x2. 12/3 Paid $18,000 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20x1 to November 30, 20x2 12/4 Received $8,000 cash from a cient as an advance payment for services to be performed in the future 12/5 Purchased additional dffice equipment on account from Payne Company for $20,000. 12/10 Paid $5,500 for a newspaper advertisement that ran in today's paper 12/11 Paild Payne Company $3,000 for part of the dubt incurred on December s 12/12 Blled clients for services performed on account, $5,800 12/17 Received cash payment from dient for services performed on this date, $12,000. 2/18 Paid $5,000 for supplies 12/20 tilled clients for services performed on account, $13,000 2/24 Recelived cash payment from dlient for services performed on this date, $3,000 12/25 Received cash from clients as payment on account, $4,000. 12/30 Paid $650 for utilities for December 12/31 Paid cash dividend of $5,000. Date Account Titles and Explanation Debit Credit 12/1