dynamic services inc. was organized on march 1 by two former college

March Transactions: March 2 Received contributions of $10,000 from each of the two principal owners in exchange for shares of stock.   7 Signed a two-year promissory note at the bank and received cash of $7,500. Interest, along with the $7,500, will be repaid at the end of the two years.   12 Purchased miscellaneous supplies on account for $350, payment due in 30 days.   19 Billed a client $2,000 for tax preparation services. According to an agreement between the two companies, the client is to pay 25% of the bill upon its receipt and the remaining balance within 30 days.   20 Paid a $650 bill from the local newspaper for advertising for the month of March.   22 Received 25% of the amount billed the client on March 19.   26 Received cash of $1,400 for services provided in assisting a client in preparing its tax return.   29 Purchased a computer system for $4,000 in cash.   30 Paid $1,650 in salaries and wages for March.   31 Received and paid $700 of gas, electric, and water bills.

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