Harmony Cabot opened a music store in a local mall, selling CDs and tapes. She invested $80,000 in the business and borrowed $140,000 from a local bank. The following additional events occurred during April, the first month of operations:

a. Paid cash for equipment costing $45,150.

b. Purchased an inventory of CDs and tapes for $129,600 in cash.

c. Sold one-third of the CDs and tapes for a cash sales price of $85,000.

d. Paid expenses as follows:

Employee wages .........$12,300

Rent ............. 15,500

Utilities ............ 4,800

Postage ............. 650

Insurance ............ 1,290

Record the transactions using the format shown in the chapter.