During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of auto equipment and supplies, completed the following

July Transactions

$\backslash$table$[[$Date$,$Transaction Description$],[$July $1,$Issued Common Stock in exchange for $$100,000$ cash.$],[$July $1,$Paid $$4,000$ rent for the months of July and August$],[$July $2,\backslash$table$[[$Paid the insurance company $$2,400$ for a one year$],[$insurance policy, beginning July $1.]]],[$July $5,\backslash$table$[[$Purchased inventory on account for $$35,000($Assume that$],[$the perpetual inventory system is used.$)]]],[$July $6,\backslash$table$[[$Borrowed $$36,500$ from a local bank and signed a note. The$],[$interest rate is $10\%,$ and principal and interest is due to be$],[$repaid in six months.$]]],[$July $8,\backslash$table$[[$Sold inventory on account for $$17,000.$ The cost of the$],[$inventory is $$7,000.]]],[$July $15,$Paid employees $$6,000$ salaries for the first half of the month.$],[$July $18,\backslash$table$[[$Sold inventory for $$15,000$ cash. The cost of the inventory$],[$was $$6,000.]]],[$July $20,\backslash$table$[[$Paid $$15,000$ to suppliers for the inventory purchased on$],[$January $5.]]],[$July $26,$Collected $$6,000$ on account from customers.$],[$July $30,\backslash$table$[[$Paid $$1,000$ to the local utility company for July gas and$],[$electricity$.]]]]$