Issued 100,000 shares of common stock in exchange for $500,000 cash. Purchased office equipment at a cost of $100,000. Cash of $40,000 was paid and a note Purchased inventory on account at a cost of $200,000. The company uses the perpetua Credit sales for the month totaled $280,000. The cost of the goods sold was $140,000. Paid $6,000 in rent on the store building for the month of June. Paid $3,000 to an insurance company for fire and liability insurance for a one-year perioc Paid $120,000 on account for the inventory purchased in transaction 3 . Collected $55,000 from customers on account. Paid shareholders a cash dividend of $5,000. Received cash of $2,000 from customers in advance of services to