JACK SHACK EQUIPMENT REPAIR SERVICS You are required to do the accounting for a local service business (JACK SHACK EQUIPMENT REPAIR SERVICES) for the month of June. In June, Jack Roberts opened Jack Shack Equipment Repair Services. During June the following transactions were completed: June 1 Jack invested $50,000 cash in the business. $15,000 came from his personal savings account, and $35,000 was an inheritance Jack received from his grandmother. Jack deposited this into a new business account with his local credit union. June 1 June 1 Purchased used repair equipment for $34,275, paying $2,925 cash and the balance on account (the equipment had a list price of $35,000). Paid $1,550 for the June rent of a small shop. June 3 Purchased cleaning supplies for $5,875 on account. June 5 Purchased $3,240 on a 1-year insurance policy, effective June 1**. June 12 Billed customers for repair services done in June. Amount: $6,295 PLUS digits of your student number). (the last three June 18 Paid $7,700 of amount owed on equipment (see June 1st entry), and the full amount owed on cleaning supplies (see June 3rd entry). June 20 Paid $3,340 for employee salaries. June 21 Collected half of the amount billed to the customer on June 12. June 25 Billed customers $9,650 for repair services. June 30 Paid gas and oil for the month on the equipment, $980. June 30 Withdrew $3,500 cash for personal use.