Tim Collett has a consulting business called Tim Collett, Consultant, Inc. During November, his business engaged in the following transactions: Nov 1 Sold $70,000 of common shares to Collett to start the business. 3 Paid $275 for the purchase of office supplies. 8 Paid $34,000 cash to purchase land for an office site. 12 12 Purchased office equipment on account, $3,300. 17 Borrowed $50,000 from the bank. Collett signed a note payable to the bank in the name of the business. 26 Paid $2,150 on account. 30 Revenues earned during the month included $8,000 cash and $25,000 on account. 30 30 Paid employees' salaries, $2,400; office rent, $1,100; and utilities, $385. 30 Paid $4,000 of dividends to shareholder, Collett.