D'Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets, liabilities, and common stock of the business on July 1, 2018, are as follows: Cash, $32,000; Accounts Receivable, $82,000; Supplies, $13,000; Land, $53,000; Accounts Payable, $33,500; Common Stock, $50,000. Business transactions during July are summarized as follows: A. Joel Palk invested additional cash in exchange for common stock with a deposit of $25,000 in the business bank account. B. Purchased land adjacent to land currently owned by D'Lite Dry Cleaners to use in the future as a parking lot, paying cash of $35,000. C. Paid rent for the month, $3,200. D. Charged customers for dry cleaning revenue on account, $70,000. E. Paid creditors on account, $18,800. F. Purchased supplies on account, $6,000. G. Received cash from cash customers for dry cleaning revenue, $40,000. H. Received cash from customers on account, $78,000. I. Received monthly invoice for dry cleaning expense for November (to be paid on December 10), $28,600. J. Paid the following: wages expense, $25,000; truck expense, $2,800; utilities expense, $1,500; miscellaneous expense, $2,000. K. Determined that the cost of supplies on hand was $9,500; therefore, the cost of supplies used during the month was $9,500. L. Paid dividends, $8,000.