Record the transaction:
1. A company issues common stock for $29,000 cash.
2. A company purchases new equipment for $90,000 cash on August 1, 2018. At the time of purchase, the equipment is expected to be used in operations for four years (48 months) and have no resale or scrap value at the end. The company depreciates the equipment evenly over the 48 months ($1,875/month).
3. A company receives a $800 utility bill for the current month but does not plan to pay the bill until early next month. Record the receipt of the utility bill using (a) accrual-basis accounting and (b) cash-basis accounting.
4. A company pays $1,900 cash to employees for work performed during the month. Record the payment using (a) accrual-basis accounting and (b) cash-basis accounting
5. A company borrows $40,000 with 8% interest on October 1, 2018. This amount plus interest is due on September 30, 2019.
6. A company lends $45,000 with 9% interest on May 1, 2018. This amount plus interest is due on April 30, 2019.