Sir Rents -A-Lot closes its accounts and cares financial statements at the end month. During Sept (their first month of operations) they had the following transactions ( # of payments) cial statements at the end of each Date Sept 1. Year 2 Sept 1. Year 2 270 160 Sept!, Year 2 Sept 4, Year 2 rent Sept-5, Year 2 Sept 8, Year 2- Sept 12, Year 2 Sept 15, Year 2 Sept 17, Year 2 Sept 23, Year 2 Transaction or Event 25.000 shares of common stock issued in exchange for $125.00 cash. Purchased all of the equipment owned by "MR ALL THUMBS The equipment that was bought had a fair market value of St. but the price that the equipment was purchased for was27000 They signed a three-year 9% note payable and paid XCDO SAL Paid rent to Liacouras Realty Company for 3 months of $12.000 They are occupying the same space as "MR ALL THUMBS." paid Purchased from - Office Max - office supplies worth $1.750 on account. Payment terms are 2/10 net 30. They expect that these supplies will last for several months. Hired a new secretary/assistant, his annual salary is $32,000 per year plus a benefit package that is annually worth $7,000. Received an advance payment from Digger O'Dell Co. $11,000 cash. Use a liability account. Paid the salaries for the first two weeks of Sept. $5,250. Excluding the advance from Digger O'Dell Company, $10,000 was earned. The amount of cash received was $6,000. The remaining $4000 is recorded as Account Receivable. Purchased repair parts from Caterpillar Inc. that are worth $500. Terms are net 10. Of the accounts receivable recorded on Sept 15th, $4,000 was collected. Rented a front-end loader to Landscrapers, Inc at a $250 per day rate. Landscrapers, Inc. will settle their account when they return the loader. They expect to keep it about two or three weeks Paid the salaries for the two weeks ended Sept. 26. $5,250. Paid Caterpillar Inc. in the full amount $500. A dividend was declared, which they intend to pay at $0.10 per share by the end of the year. A child was slightly injured when he fell off of the front-end loader that was rented to Landscrapers Inc. The child is the only son of a lawyer and an orthopedic surgeon. They have filed a lawsuit at $250,000 against both Landscrapers and Sir-Rents-A-Lot. The actual liability for the accident has not yet been determined. Purchased a one-year public liability insurance policy force The policy becomes effective at 12:01 a.m. October 1. Year Received the Sept utility bill that amounted to $775. It is du later than October 15th. For the last two weeks of Sept, they earned $15.00 Sept 25, Year 2 Sept 26, Year 2 Sept 27, Year 2 Sept 28, Year 2 Sept 29, Year 2 Sent 20 Year 2 Year 2 eamed $15,000. Of the $15,000, Sept 30. Year 2