Problem 2-60A Journaling and Posting Transactions Cindnnati Painting Service Inc. specializes in painting houses. During June, Its first month of operations, Cincinnati Palting engaged in the following transaction: June 1 14 Issued common stock for $25,000. Purchased painting supplies from River City Supply for $1,675 on credit Purchased a used truck from Hamilton Used Car Sales for $13,700, paying $1,500 down and agreeing to pay the balance in 6 months. Pald $4,230 to hourly employees for work performed in June. Billed various customers a total of $10,340 for June painting Jobs Received $6,100 cash from James Eaton for a house painting job completed and previously billed. Collected $520 from Albert Montgomery on completion of a 1-day painting job. This amount is not included in the June 22 bills. 22 26 29 x Online teachinx Service Catalog Connect The Rocky Mountain Lounge eBook Required: 1. Prepare a joumal entry for each transaction. For a compound transaction, if an June 1 o (Issued common stock) June 3 (Record purchase of supplies on account) June 8 100 l I 110 (Record purchase of truck on account) June 14 (Record payment of wages) June 22 (Record performance of services on account) June 26 (Record collection of cash on account