A company had the following transactions during June, the first month of its operation -issued 20,000 shares of common stock for $280,000 -purchased equipment for $560,000, using $140,000 cash down payment and signing a note payable for the balance -received $3,500 from a customer for services to be performed in July - made $42,000 payment on the note payable from the purchase of equipment -total monthly sales: Cash sales of $105,000 credit sales (Acct. Recev.) $50,400 -Purchased supplies on credit for $44,800 -collected $16,800 from customers on account -paid $3,500 for June employment wages -received a utility bill of $1,300 which will be paid in july