3. Meganco stared business on 1/1/XX as a sole proprietorship. During the first month the following transactions took place: 1/1 Megan invested $75,000 in cash into the business. 1/2 Office space was rented on a month to month basis. The first months rent of $1,200 was paid to the landlord. 1/3 Meganco purchased a new Mac, computer system for $7,500. The company put $2,000 cash down on the computer system and borrowed the balance on a 120 day 10% loan from the bank. 1/6 Accounting fees of $600 were paid in cash when the invoice was received. Meganco purchased a one year fire insurance policy and paid $6,000 in cash for it. 1/14 An invoice was received for the installation of the computer system in the amount of $150. This amount was for professional service and will be paid at the end of the month. 1/20 Meganco paid the owners utility bill in the amount of $75. 1/22 Meganco billed a customer for services in the amount of $3,000. 1/25 Meganco received a bill from the utility company for $300. 1/11 Required: From the above information, make all the necessary journal entries for the month of January. Omit the journal description