Perfect Printers Inc. completed the following transactions during October 2014, its first month of operations:
Oct. 1 Received $25,000, and issued common shares.
2 Purchased $800 of office supplies on account.
4 Paid $20,000 cash for land to use as a building site.
6 Performed service for customers, and received cash of $5,000.
9 Paid $100 on accounts payable.
17 Performed service for Waterloo School Board on account totaling $1,500.
23 Collected $1,000 from Waterloo School Board on account.
31 Paid the following expenses: salary, $1,000; rent, $500.
Requirement
1. Record the transactions in the journal of Perfect Printers Inc. Key transactions by date, and include an explanation for each entry, as illustrated in the chapter.