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XYZ Company was incorporated on March 1, 2021 with an initial capital of 200,000 shares of common stock having $10 par value. During the rst month of its operations, the company engaged in the following transactions: March. 2: An amount of $40,000 was paid as advance rent for three months. March. 3 : Paid $30,000 cash on the purchase of equipment costing $90,000. The remaining amountwas recognized as a one year note payable with an interest rate of 7%. March. 4: Purchased ofce supplies costing $17,600 on account. March.13: Provided services to its customers and received $28,500 in cash. March. 13: Paid the accounts payable on the office supplies purchased on March, 4. March.14: Paid wages to its employees for the rst two weeks of March, aggregating $19,100. March.18: Provided $54,100 worth of services to its customers. They paid $32,900 and promised to pay the remaining amount. March. 23: Received $15,300 from customers for the services provided on March 18. March. 25: Received $4,000 as an advance payment from customers. March. 26: Purchased ofce supplies costing $5,200 on account. March. 28: Paid wages to its employees for the third and fourth week ofJanuary: $19,100. March. 31: Paid $5,000 as dividends. March.31: Received an electricity bill of $2,000. March.31: Received a telephone bill of $1,500. March.31: Miscellaneous expenses paid during the month totaled $3.200 Record journal entries: Use the editor to format your