Wonder Shop was founded on January 1, 2022. The following selected events and transactions occurred during the month of January: January 1: Stockholders invested $120,000 cash to start the business January 8: Purchased Equipment for $50,000, paying $15,000 cash, $10,000 on account and the remainder by signing a 6%note, 6-months. January 14: Paid $8,000 for a one-year insurance policy January 17: Received $12,000 cash in advance for future services January 18: Paid $8,000 of the balance due on account from January 10 January 21: Incurred utilities expense on account for $2,700 January 22: Performed services for $27,000, receiving $12,000 cash and the customer signed a note for the remaining balance. January 29: Paid salaries for employees $7,200.