Transaction Analysis Grant Appraisal Service provides commercial and industrial appraisals and feasibility studies. On January 1, the assets and liabilities of the business were the following: Cash $10,700 Accounts Receivable 15,800 Accounts Payable 600 Notes Payable 3,500 Common Stock 18,400 Retained Earnings 4,000 The following transactions occurred during the month of January: Jan 1 Paid rent for January, $950. 2 Received $8,800 payment on customers' accounts. 3 Paid $750 on accounts payable. 4 Received $1,700 for services performed for cash customers. 5 Borrowed $5,000 from a bank and signed a note payable for that amount. Billed the city $6,200 for a feasibility study performed; billed various other credit customers, $1,900. 7 Paid the salary of an assistant, $3,500. 8 Received invoice for January utilities, $410. 9 Paid $6,000 cash for employee salaries. 10 Purchased a van (on January 31) for business use, $8,800. 11 Paid $150 to bank as January interest on the outstanding note payable