Selected transactions for Mr. Ibrahim, civil engineer, in his first month of business, are as follows. 2 Jan Invested $200,000 cash in the business. 3 Billed customers $7,000 for services performed. 3 Purchased equipment for $70,000. Paid $20,000 cash, signed $50,000 note payable. 9 Paid $2,400 for a one-year insurance policy. 11 Purchased $3,000 office supplies (an asset) on credit. 16 Paid $ 1,000 cash for advertising. 20 25 Received $7,000 cash from customers billed on January 3. Received cash $1,500 for services. 1/3 of the service will be completed after two weeks. 29 30