Perfect Printers Inc. completed the following transactions during October 2017, 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

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.