Transactions related to Balconi's Supper Club, which was organized in January, 2014, are described below. Record each transaction in the schedule provided on the following page. Show the amounts involved, and then indicate how each account is affected (+ or -). After all of the transactions have been recorded, calculate total assets, liabilities, and stockholders' equity at the end of Balconi's first month of operations, as well as the amount of net income for the month of January.

a. $10,000 of cash was invested into the firm by stockholders, in exchange for 1,000 shares of $10 par value common stock.

b. $3,000 was borrowed from the 1st National Bank of Oglesby on a short-term note payable.

c. $2,000 worth of furniture was purchased from Clydesdale's Furniture on a cash and carry basis in order to establish an appropriate decor for serving customers.

d. Rent amounting to $1,000 for the month was paid to the landlord.

e. Inventories valued at $1,800 were purchased from Chippy's Fine Foods, Inc. Of this amount, $700 was paid in cash and the balance will be paid in 60 days.

f. Merchandise that had cost $500 was sold to customers for $1,000 in cash.

g. An advertisement was taken out in the News Tribune in the amount of $50, and paid for in cash; the advertisement ran during the first week of operations.

h. A local softball team was sponsored for the upcoming summer season at an initial cost of $200 in cash. This cost was necessary in order to generate customer loyalty and to become actively involved in the community.

i. Additional inventory was purchased from Kasap's Dining Supply at a cost of $2,100. Payment is due in 30 days.

j. Cash register receipts for the remaining three weeks during the month were $3,100. The cost of inventories used during this time was $1,400.

k. Employees earned $400 for their efforts during the month but will not be paid until the first week of February.