Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2020:

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Prepare journal entries to record the transactions.

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Invested $50,000 in cash and office equipment that had a fair value of $12,000. Prepaid $9,000 cash for three months' rent for an office. Mar. Made credit purchases of used office equipment for $6,000 and office supplies for $1,200. 3 Completed work for a client and immediately received $6,200 cash. Completed a $4,000 project for a client, who will pay within 30 days. Paid the account payable created on March 3. 11 Paid $3,000 cash for the annual premium on an insurance policy. 15 Received $1,500 as partial payment for the work completed on March 9. 20 Placed an order with a supplier for $4,800 of supplies to be delivered April 7. They must be paid for within 15 days 22 of being received. Completed work for another client for $2,850 on credit. 27 23 Abe Factor withdrew $3,600 cash from the business to pay some personal expenses. Purchased $650 of additional office supplies on credit. 30 Paid $860 for the month's utility bill. 31