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Bank One just approved a loan for Dante Inc. to start a Website design and maintenance business. Dante Inc. is ready to purchase needed equipment, hire administrative help, and begin designing websites. During June, Dante’s first month of business, the following transactions occurred:
a. Dante Inc. signed a note at the bank and received $20,000 cash.
b. Dante issued shares of capital stock to its shareholders in the amount of $3,000 cash.
c. Dante purchased a new computer and additional equipment for $3,000 cash.
d. Dante purchased supplies worth $200 on account that should last two months.
e. Dante hires Nancy Po to assist with administrative tasks. She will charge $100 per website for her assistance.
f. Dante began working on its first two Web sites, one for J. Sanchito, and the other for Pauline Smith, a local businesswoman.
g. Dante completed the website for Mr. Sanchito and sent him a bill for $700.
h. Dante completed the website for Ms. Smith and sent her a bill for $540.
i. Dante collected $600 in cash from Mr. Sanchito.
j. Dante paid Nancy $100 cash for her work on Mr. Sanchito’s Web site.
k. Dante received $500 cash in advance to work on a website for a local restaurant. Work on the site will not begin until July.
l. Dante paid taxes of $200 in cash.
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