The Candy Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as follows: January 2 - Issued 600,000 shares of stock for $10,000,000. January 10 - Acquired equipment in exchange for $2,000,000 cash and a $6,000,000 note payable. The note is due in ten years. February 1 - Paid $24,000 for a business insurance policy covering the two-year period beginning on February 1. February 22 - Purchased $900,000 of supplies on account March 1 - Paid wages of $185,600 March 23 - Billed $2,730,000 for services rendered on account April 1 - Paid $100,000 of the amount due on the supplies purchased February 22. April 17 - Collected $210,000 of the accounts receivable May 1 - Paid wages of $200,400. May 8 - Received and paid bill for $98,200 for utiliies. May 24 - Paid $42,500 for sales commissions. June 1 - Made the first payment on the note issued January 10. The payment consisted of $60,000 interest and $200,000 applied against the principal of the note. June 16 - Billed customers for $560,000 of services rendered. June 30 - Collected $300,000 on accounts receivable. July 10 - Purchased $155,000 of supplies on account. I August 25 - Paid $160,000 for administrative expenses. September 23 - Paid $30,000 for warehouse repairs. October 1 - Paid general wages of $90,000. November 20 - Purchased supplies for $60,000 cash. December 15 - Collected $125,600 in advance for services to be provided in December and January. December 30 - Declared and paid a $50,000 dividend to shareholders. 2-Jan 101 10,000,000 301 cash common stock equipment 10,000,000 4 10 Jan 8.000.000 110 101 220 104 101 5 6 7 5 2,000,000 6,000,000 1-Feb 24,000 24,000 22-Feb 103 900,000 900,000 1-Mar 185,600 185,600 23-Mar 2,730,000 2,730,000 1-Apr 201 203 101 102 401 201 101 101 102 501 101 502 100,000 300,000 17 Apr 210,000 210,000 1-May 200,400 200,400 8-May 98,200 98,200 101 503 24-May 42,500 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 30 42,500 101 520 1-Jun notes payable prepaid insurance cash supplies accounts payable wage expenses cash accounts receivable service revenue accounts payable cash cash accounts receivable wage expenses cash utility expense carth selling expense cash Interest expense notes payable cash accounts receivable service revenue cash accounts receivable supplies accounts payable Administrative expense cash repairs expense cash wage expense cash wupplies Cash cash uneared service revenue dividends cash 60,000 200,000 220 101 102 260,000 16-Jun 560,000 403 560,000 30-Jun 300,000 300,000 101 102 103 201 10 Jul 155,000 155,000 25 Aug 504 160,000 160,000 23-Sep 30,000 30,000 1-Oct 90,000 90,000 20-Nov 101 310 101 203 101 103 101 101 202 320 101 19 40 41 42 43 60,000 60,000 15-Dec 125,600 125,600 Pa 44 30 Dec 50,000 45 50,000