( need journal entries please ) On July 1, $12,000 rent on building is paid for the months of July, August, and September. Merchandize inventory $40,000 is purchased on account. The company uses perpetual inventory system. On July 1, $20,000 is borrowed from a local bank, and a note payable is signed. Credit sales for the month are $62,000, The cost of merchandize sold is $38,000. $2,000 is paid on account for office supplies. $55,000 is collected from customers on account. $10,000 is paid to employees for wages in July. A bill of $3,000 is received from utility company for the month of July. A customer paid $9,000 for merchandize to be delivered in August and September. The company paid $1,000 as dividend to its shareholders.