The following transactions occurred for Murphy Delivery Service during December 2019: Dec. 1 Murphy Delivery Service began operations by receiving $20,000 cash and a truck with a fair value of $14,500 from Russ Murphy. The business issued Murphy shares of common stock in exchange for this contribution. 1 Paid $2,400 cash for a one-year insurance policy. The policy begins on December 1. 4 Paid $920 cash for office supplies. I 12 Performed delivery services for a customer and received $6,250 cash. 15 Completed a large delivery job, billed the customer, $9,300, and received a promise to collect the $9,300 within one week 18. Paid employee salary, $1,800. 20 Received $8,000 cash for performing delivery services. 22 Collected $4,200 in advance for delivery service to be performed later. 25 27 Collected $9,300 cash from a customer on account. Purchased fuel for the truck, paying $550 on the account. (Credit Accounts Payable) 28 Performed delivery services on account, $1,400. 29 Paid office rent, $2,500, for the month of December. 30 Paid $350 on the account. 31 Cash dividends of $3,250 were paid to stockholders. Assume that Murphy Delivery Service started its operations in December 2019 and the beginning balance in all accounts is zero.