PROBLEM #1-40 points Name During June, the first month of its fiscal year, Marshall Company had the following transactions. The Marshall Company uses the Perpetual Inventory System to account for Merchandise Inventory. June 1 The owner Andrew Marshall invested the following: Cash - $150,000, Equipment $40,000, and Notes Payable (on the equipment) $15,000. 1 Paid rent for June, $4,000. 4 Purchased Supplies on Account, $6,000. 5 Purchased Merchandise Inventory on account from Martin Co., terms 2/10, n/30, FOB shipping point, $56,000. The seller has paid for the shipping of $1,000. 12 Sold Merchandise on account of $85,000 to Learner Co., terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $60,000. The appropriate party has paid for the shipping of $1,500. 14 Paid Martin Co. for the purchased on June 5. 19 Wages were paid to employees, $12,000 21 Received payment from Learner Co. 25 Purchased Merchandise Inventory on account from Martin Co., terms 2/10, n/30, FOB shipping point, $146,000. The seller has prepaid for the shipping of $2,000. Adj.Ent 30 Remaining supplies $2,500. 30 Accrued Interest on the Note Payable, $100. 30 Accrued Wages $10,000 30 Bad Debt is estimated to be 1% of monthly Sales of $225,000. 30 Depreciation on equipment $5,000.