Sam Phillips opened his Memphis Recording Service studio on January 3, 1950, at 706 Union Avenue in Memphis. It was founded with the financial aid of Jim Bulliet, one of many record executives for whom Phillips had scouted artists before 1952. The original Sun Records logo was designed by John Gale Parker Jr., a resident of Memphis and high school classmate of Phillips. Sun Records shared the same building as Sun Studio (formerly Memphis Recording Service). There, Phillips discovered and first recorded such influential musicians such as Elvis Presley, Carl Perkins, Johnny Cash, Roy Orbison and Jerry Lee Lewis. Presley's recording contract was eventually sold to RCA Victor for $40,000 in 1955 to relieve Sun's financial difficulties. The Memphis Recording Service also served as the studio for Phillips's own label, Sun Record Company. Sun Records produced more rock-and-roll records than any other record label of its time. During its 16-year run, Sun produced 226 singles.