The business has cash of $13,000 and a building valued at $51,000. The corporation issued common shares to the shareholders in exchange for these investments. Borrowed $53,000 from the bank, and signed a note payable. Paid $59,000 for music equipment. Purchased supplies on account, $1,100. Paid employees' salaries, $1,200. Received $950 for service performed for customers. Performed services to customers on account, $4,700. Paid $150 of the account payable created in transaction (d). Received a $400 utility bill that will be paid in the near future. Received cash on account, $3,000. Paid the following cash expenses: rent, $800; advertising, $600.