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Record the 15 economic transactions and all necessary adjusting entries.

1. On January 1, the company sold 10,000 shares of common stock (par value $1.00) for $100,000 cash. 2. The company paid $30,000 cash to purchase new office equipment on January 2. The equipment has a salvage value of $5,000, will be used for 5 years, and will be depreciated using the straight-line method. 3. The company paid $4,000 cash for office supplies on January 2. 4. The company provided services to customers on account and billed $100,000. 5. The company estimated that uncollectible accounts expense would be 2% of revenue earned on account (see #4). 6. The company loaned $10,000 to Will Smith, in exchange for a 9% note receivable on September 1st. All interest payments and the note principal are due in cash next August 31. 7. The company wrote off $1,800 of accounts receivable that were uncollectible. 8. The company incurred and paid cash for employee salary expenses of $85,000 throughout the year 9. The company provided services to customers on account and billed $20,000. 10. On August 31, the company paid all outstanding bills from its payroll processing company (fee = $500 per month, nothing paid to date). The company also prepaid 12 months of service in exchange for waiver of all late fees. 11. The company collected $80,000 of Accounts Receivable 12. The company received $24,000 on July 1st from a customer and committed to provide monthly services under a one-year contract. 13. The company incurred total internet expenses of $2,400 for the year, paying each bill one month after receipt. 14. The company inventoried its office supplies on December 28 and found $600 on hand. It placed an order to replenish for $2,500. 15. The company declared and a cash dividend of $5,000 on December 29, payable on February 14.

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