Carl brown decided to establish an advertising agency to be known as Brown Advertising Inc. Brown's business transactions for the first month of operations ending June 30, 2022 were as follows. Journalize Brown's business transactions using Journal Paper. Include explanations.

June

1. Stockholders invested $40,000 cash in business in exchange for common stock

2.Paid office rent for one month $1600

2. Purchased office equipment on account $11,700

4. Paid cash for office supplies, $700

6 Paid telephone bill, $425

12. received $5120 cash for advertising fees earned.

15. paid $4000 on accounts for payable balance

20. received 3200 cash for advertising fees earned

25 paid 2200 wages to the office secretary

30 paid 5000 in cash dividends.