fter several months of planning, Mary Tratini started a called Italian Product. The following business activities occurred during its first month (June 1-30, 2020) : 1) The owner deposited $50,000 cash in the business bank account 2) Purchase machinery, 9,200$ cash. Should be used for 4 years and could be sold 3,000$ at the end of those years. Declining balance method 3) Supplies purchases $2,300 (+ tax) on credit 4) Services rendered to customers $4,150 (+ tax). Received cash payment 5) Purchased $18,000 of equipment on credit. We believe its going to be used for 13 years and will go to scrap (garbage) at the end of those years. Straight-line method 6) Create Petty cash 800$ 7) Insurance premium payment, $8,300 cash (cover from June.2020 to May.2021) 8) Services rendered to customers $8,100 (+ tax). Received cash payment 9) Rent payment $500 cash 10) Payment to suppliers $350 (for previous purchased) 11) 50$ was used for taxi, 15$ parking ticket 12) Provided Services to customers $1,400 (+tax) on credit. 13) Record any missing journal entries Here are the July 2020 (July.01-31) transactions : 1) 75$ was used for employees gifts, 25$ was used for withe paper (printer) 2) Paid tax to federal government 3) Payment to suppliers $1,800 (for previous purchased) 4) Rent payment $500 cash 5) Owner withdrawal 225$ Page 3 / 3 6) Received $1,175 cash from customers (previous sales) 7) Refill petty cash 8) Paid tax to provincial government 9) Salaries payment $600 cash 10) Record any missing journal entries and accounting cycle in detail.