Legal Services Inc. was incorporated on July 1, 2025. During the first month of operations, the following transactions occurred.

1. Stockholders invested \(\$ 10,000\) in cash in exchange for common stock of Legal Services Inc.

2. Paid \(\$ 800\) for July rent on office space.

3. Purchased office equipment on account \(\$ 3,000\).

4. Performed legal services for clients for cash \(\$ 1,500\).

5. Borrowed \(\$ 700\) cash from a bank on a note payable.

6. Performed legal services for client on account \(\$ 2,000\).

7. Paid monthly expenses: salaries \(\$ 500\), utilities \(\$ 300\), and advertising \(\$ 100\).

Instructions

Prepare a tabular summary of the transactions.