During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of auto equipment and supplies, completed the following transactions. Date July 1 July 1 July 2 July 5 July 6 July 8 July 15 July 18 July 20 July 26 July 30 July Transactions Transaction Description Issued Common Stock in exchange for $100,000 cash. Paid $4,000 rent for the months of July and August Paid the insurance company $2,400 for a one year insurance policy, beginning July 1. Purchased inventory on account for $35,000 (Assume that the perpetual inventory system is used.) Borrowed $36,500 from a local bank and signed a note. The interest rate is 10%, and principal and interest is due to be repaid in six months. Sold inventory on account for $17,000. The cost of the inventory is $7,000. Paid employees $6,000 salaries for the first half of the month. Sold inventory for $15,000 cash. The cost of the inventory was $6,000. Paid $15,000 to suppliers for the inventory purchased on January 5. Collected $6,000 on account from customers. Paid $1,000 to the local utility company for July gas and electricity.