Selected transactions for Novak, an interior decorator corporation, in its first month of business, are as follows.
1. Issued stock to investors for $16,800 in cash.
2. Purchased used car for $11,000 cash for use in business.
3. Purchased supplies on account for $250.
4. Billed customers $4,650 for services performed.
5. Paid $230 cash for advertising at the start of the business.
6. Received $1,470 cash from customers billed in transaction (4).
7. Paid creditor $220 cash on account.
8. Paid dividends of $320 cash to stockholders.
