Julia Dumars is a licensed CPA. During the first month of operations of her business, Metlock, Inc., the following events and transactions occurred. May 1 Stockholders invested $21,000 cash in exchange for common stock. 2 Hired a secretary-receptionist at a salary of $3,000 per month. 3 Purchased $2,200 of supplies on account from Vincent Supply Company. 7 Paid office rent of $890 cash for the month. 11 Completed a tax assignment and billed client $2,900 for services performed. 12 Received $3,400 advance on a management consulting engagement. 17 Received cash of $1,000 for services performed for Orville Co. 31 Paid secretary-receptionist $3,000 salary for the month. 31 Paid 40% of balance due Vincent Supply Company.