During its first month of operation, the Porter Services, Inc, which specializes in day porter services, completed the following transactions. The first transaction (July 1) has been done for you as an example, July 1 Began business by making a deposit in a company bank account of $90,000, in exchange for common stock July 3 Paid the current month's rent, $5,500. July 5 Paid the premium on a 1-year insurance policy, $4,800 July 7 Purchased supplies on account from Little Company, $900. July 10 Paid employee wages, $3,300 July 14 Purchased equipment from Lake Company, $11,500. Paid $1,500 down and the balance was placed on account Payments will be $500.00 per month for 20 months. The first payment is due 81 Note: Use accounts payable for the balance due. July 15 Received cash for day porter revenue for the first half of July, $7,700 July 19 Made payment on account to Lake Company, $500. July 31 Received cash for service revenue for the last half of July, $8,505 July 31 Declared and paid cash dividends of $600 Page 1 Prepare journal entries to record the July transactions in the General Journal below. Date July 1 General Journal Description (Account Name) Cash Common Stock Common Stock issued for cash. Debit Credit 90,000 90,000 July 3