Assignment

Assignment

Transactions

Justin Malone:

Invested $54,000 in cash to start the business.

Paid $3,000 for 3 month's rent.

Bought a used automobile for the firm for $16,000 in cash.

Performed services for $3,000 in cash.

Paid $400 for automobile repairs.

Performed legal services for $3,750 on credit.

Borrowed $25,000 from the local bank to help expand his business.

Purchased office chairs for $2,100 on credit.

Received $1,800 from credit clients.

Paid $1,000 on account to reduce the amount owed for the office chairs (purchased in item 8).

Issued a check for $560 to pay the monthly utility bill.

Purchased office equipment for $8,400. Paid half in cash; the remainder to be paid in 30 days.

Issued ...