Transaction Analysis On June 1, a group of bush pilots in Thunder Bay, Ontario, Canada, formed the Outpost Fly-In Service, Inc., by selling $65,000 of common stock for cash. The group then leased several amphibious aircraft and docking facilities, equipping them to transport campers and hunters to outpost camps owned by various resorts. The following transactions occurred during June: June 1 Sold common stock for cash, $65,000. 2 Paid June rent for aircraft, dockage, and dockside office, $3,500. Received invoice for the cost of a reception the firm gave to entertain resort owners, 3 $1,600. 4 Paid for June advertising in various sports magazines, $800 5 Paid insurance premium for June, $1,800 6 Rendered fly-in services for various groups for cash, $24,200 Billed the Canadian Ministry of Natural Resources for transporting mapping personnel, 1,900, and billed various firms for fly-in services, $14,000 8 Paid $1,500 on accounts payable. Received $13,200 on account from clients. 10 Paid June wages, $19,000 11 Received invoice for the cost of fuel used during June, $3,500. 12 Paid a cash dividend, $4,000. 9