The following transactions took place for Lance Corporation during August 2022, its first month of operation. The first transaction took place on August 1 and the company issued and sold $50,000 of it's shares. Record this as the first transaction then proceed to record the following entries. All entries were done in the month of August. 2 Purchased office equipment for $5,000 cash. 3 Borrowed $200,000 cash from bank by acquiring a bank loan. 5 Paid $15,000 for office supplies. The supplies were put into the inventory storeroom. 6 Paid for a 1-year insurance policy for the business, amount paid $6,000. 7 Billed customers $90,000 for repair services rendered. 8 Purchased additional office supplies on credit for $10,000. Supplies were put into the storeroom. 10 10 Customers who were billed on account paid $10,000. 15 Purchased a vehicle for $50,000 paying $10,000 in cash and the rest with a bank loan. 18 Paid $1,000 for advertising that ran for the first two weeks of this month. 20 Received interest revenue from bank in the amount of $2,000 22 Paid 2,000 on the August 8th purchase. 23 23 25 25 27 22 Corporation paid a $5,000 dividend to the shareholders. Paid the following expenses in cash: Legal fees, $3,000; telephone $500; vehicle maintenance, $6,000 Wages, $15,000. Paid the landlord $8,000 in rent. This includes the rent for the current month and a prepayment of rent for the next 3 months.