Transaction\ Apr. 1 Purchased a delivery van for

$14,000

, paying

$1,000

down, and issuing a 1-year,

8%

note payable for the

$13,000

balance. It is estimated that the van has a 4-year life and an

$800

residual value; the company uses straight-line depreciation. The interest on the note will be paid on the maturity date.\ May 15 Purchased

$850

of office supplies.\ June 2 Purchased a 2-year comprehensive insurance policy for

$720

.\ Aug. 1 Received 6 months' rent in advance at

$300

per month and recorded the

$1,800

receipt as Rent Revenue.\ Sept. 15 Advanced

$600

to sales personnel to cover their future travel costs.\ Nov. 1 Accepted a

$5,000,6

-month,

12%

(annual rate) note receivable from a customer, the interest to be collected when the note is collected.

Apr. 1 Purchased a delivery van for $14,000, paying $1,000 down, and issuing a 1 -year, 8% note payable for the $13,000 balance. It is estimated that the van has a 4 -year life and an $800 residual value; the company uses straight-line depreciation. The interest on the note will be paid on the maturity date. May 15 Purchased $850 of office supplies. June 2 Purchased a 2-year comprehensive insurance policy for $720. Aug. 1 Received 6 months' rent in advance at $300 per month and recorded the $1,800 receipt as Rent Revenue. Sept. 15 Advanced $600 to sales personnel to cover their future travel costs. Nov. 1 Accepted a $5,000,6-month, 12% (annual rate) note receivable from a customer, the interest to be collected when the note is collected