Jan Spears opened her decorating company on January 1, 2008. During
the first month of operations, the following transactions
occurred:
(1)
Performed services for country club clients. On January 31, $2,300
of such services was earned but not yet billed to the clubs.
(2) Utility
expenses incurred but not paid prior to January 31 totaled
$650.
(3)
Purchased decorating supplies on January 1 for $50,000, paying
$10,000 in cash and signing a $40,000, three-year note payable.
Interest is $300 per...