Objective : Record (journalize) transactions. After operating for several months, architect Zach Talbot completed the following transactions during the latter part of October:
- Oct 15 Borrowed $64,000 from the bank, signing a note payable.
- 22 Performed service for clients on account totaling $17,100.
- 28 Received $10,300 cash on account from clients.
- 29 Received a utility bill of $1,450, an amount that will be paid during November.
- 31 Paid monthly salaries of $10,100 to employees.
Journalize the transactions of Zach Talbot, Architect. Include an explanation with each journal entry.