Problem 3-A Transaction Analysis and Financial Statements Beet Company was organized by two University classmates on May 1 of the current year. Their company will provide legal services. Beet completed the following transactions, during the first month of operations. May 1 Received contributions of $20,000 from each of the two owners in exchange for shares of stock. Paid $2,000 for the first month's office rent. Purchased $1,200 of supplies on account. Signed a promissory note in exchange for $20,000 cash. Principal. and any interest due will be paid, at maturity, in three years. Purchased a computer for $6,000 by paying $2,000 cash and putting the balance on account. The balance will be paid in installments. Received $2,000 cash for legal services provided. May 1 May 3 May 5 May 8 May 10 May 14 May 19 May 26 May 30 Paid $3,000 in wages. May 31 May 31 Provided $6,000 of legal services on account. Received one-half of balance owed from May 14 services. Provided $1,000 of legal services on account. Paid $2,000, on account, for computer purchased on May 8. Paid $1,000 utility bill.