Dr. Paul Maher started a consulting service, Maher Inc., to assist dentists that are trying to improve the efficiency of their general dental practice. Dr. Maher incorporated the consulting practice (he is the sole stockholder) in the State of Maryland on June 1, 2012. During the first month of operations (June) Maher Inc. completed the following selected transactions: a. On June 1, Maher began the business with an investment of $2,000 cash and a building valued at $60,000 (10 year useful life, $6,000 salvage value, straight line depreciation). The business gave Maher 100% owners equity in the business (all 100 shares of authorized no par common stock). b. On June 2, borrowed $30,000 from the bank; signed a one-year note payable with a stated interest rate of 6%. Interest is payable monthly in arrears on the first of each month. Principal is due at maturity, June 2, 2013. c. Purchased office supplies on account, $1,300. d. Paid $18,000 for office furniture (5 year useful life, no salvage value, straight line depreciation). e. Paid employees salary, $2,200. f. Performed consulting service on account for client, $5,100. g. Paid $800 of the account payable created in transaction (c). h. Received $600 bill for advertising expense that will be paid in the near future. i. Performed consulting service for customers and received cash, $1,600. j. Received cash on account, $1,200 (transaction f). k. On June 30 Paid the following cash expenses: 1. Rent on land, $700 2. Utilities, $400. l. Withdrew $3,500 for personal use by issuing a dividend. Required: 1. Using the accrual method of accounting, please record (or summarize) each of the above transactions. You can use journal entries, T-accounts or any other means you wish to show the impact of each transaction on assets, liabilities, owner's equity, revenue and/or expenses.