A company had the following transactions during June, the first month of its operation -issued 20,000 shares of common stock for $240,000 -purchased equipment for $480,000, using $120,000 cash down payment and signing a note payable for the balance -received $3,000 from a customer for services to be performed in July - made $36,000 payment on the note payable from the purchase of equipment -total monthly sales: Cash sales of $90,000 credit sales (Acct. Recev.) $43,200 -Purchased supplies on credit for $38,400 -collected $14,400 from customers on account -paid $3,000 for June employment wages -received a utility bill of $1,100 which will be paid in july