View Policies Current Attempt in Progress Julia Dumars is a licensed CPA. During the first month of operations of her business, Monty Corp., the following events and transactions occurred. May 1 Stockholders invested $20,700 cash in exchange for common stock. 2 Hired a secretary-receptionist at a salary of $2,700 per month. 3 Purchased $2,400 of supplies on account from Vincent Supply Company. 7 Paid office rent of $830 cash for the month. 11 Completed a tax assignment and billed client $3,800 for services performed. 12 Received $2,500 advance on a management consulting engagement. 17 Received cash of $1,800 for services performed for Orville Co. 31 Paid secretary-receptionist $2,700 salary for the month. 31 Paid 40% of balance due Vincent Supply Company. Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable. No. 209 Unearned Service Revenue. No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. (a)