Maquoketa Services was formed on July 1, 2020. The following transactions took place during the first month. July 1 2 3 8 15 18 28 30 Instructions: Invested $42,000 cash in the business. Purchased equipment costing $18,000 for $4,000 cash and the remainder on credit. Paid $1,200 for a one-year insurance policy. Received $3,500 cash for services performed. Received a bill for $600 for advertising for the current month. Purchased supplies on account for $800. Received $2,000 cash for services will be performed during August. Paid wages to employees for $2,800. 1. Journalize the July transactions. 2. Post to the cash ledger account