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The following business transactions occurred at Maggie Co: 1. Issued shares of common stock in exchange...

The following business transactions occurred at Maggie Co: 1. Issued shares of common stock in exchange for $40,000 2. Purchased a delivery truck for $35,000, paying $7,000 in cash and signing a promissory note for the remainder. 3. Received a $3,000 deposit from a client for work to be performed in two months. 4. Recorded $1,500 for services that were provided to customers on credit. 5. Paid wages of $500 to part time workers. 6. Made a $1,000 payment on the truck loan note from # 2. 7. Performed the work for client in # 3. Required: Prepare journal entries for each of the transactions above. Identify each transaction by number.

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