P-1. Wyoming Co. began its operations on January 1, 2007. During2007 it had the following cash transactions.
(a) The owners invested $10,000 in the business.
(b) Provided services to customers for $6,000.
(c) Borrowed $5,000 from the Local Bank.
(d) Incurred $2,500 in expenses.
(e) Made a $1,500 distribution to the owners.
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