August 5th. A small ofice building is purchased for 320000 by paying 3200 down

August 5th. A small ofice building is purchased for 320000 by paying 3200 down and taking out a fifteen-year 4% 288000 mortgage note from first american
bank. Principal and interest will be paid quarterly. An appraisal performed on this date indicated that the land id worth 150000 and the remaining balance of
the purchase price is attribuable to the building. The owners estimate that the building will have an estimated useful life for 30 years and an estimated
salvage value of 26000.

August 20th. A client mails the firm 1200 check as a deposit for upcoming work. As of august 31st 500 of this work had been completled

August 28th service revenue collected during august totaled 6670. the uncollected billings totaled 4360