Prepare journal entries for the following transactions that occurred during January 2023:
January 3 Stan Adams opened a landscaping business by investing $60,000 cash and equipment having a $40,000 fair value.
4 Purchased office supplies on credit for $340.
6 Received $5,200 for providing landscaping services to a customer.
15 Paid $200 regarding the office supplies purchase of January 4.
16 Purchased $700 of office supplies on account.
30 Paid the balance owing regarding the office supplies purchase of January 4.