Selected transactions from the journal of Pina Colada Corp., are presented as follows. Date Account Titles and Explanation Aug. 1 Cash Common Stock Debit Credit 5,530 5,530 (Issued common stock for cash) 10 Cash 2,750 Service Revenue 2,750 (Received cash for services performed) 12 Equipment 4,940 Cash 860 4,080 Notes Payable: (Purchased office equipment for cash and notes payable) 25 Account Receivable Service Revenue 1,450 1,450 (Billed clients for services performed) 31 Cash: 800 800 Accounts Receivable (Receipt of cash on account).