On February 1, 2023, Miguel Toro established a home rental business under the name Miguel’s Rentals. During the month of March the following transactions were recorded:
•To open the business, he deposited $25,000 of his personal funds as an investment.
• Purchased equipment for $4,000 and furniture for $2,500 on credit.
• Purchased office supplies for $1,500 in cash.
• You received income from renting a property for $3,500 in cash.
• Paid basic electricity services for $800.00.
• You paid $1,200 of equipment purchased on credit from the second transaction.
• Obtained a loan for $5,000 for business management.
• Provided a rental advisory service to a client for $3,000 on credit.
• Paid salaries of $2,500 to his secretary.
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