Shepherd Company had the following transactions during its first month of operations:

June 1 The company received cash of $55,000 and issued common stock to the shareholders.

2 Borrowed $20,000 from the bank and signed a long-term note payable.

8 Purchased equipment with a short-term note payable for $10,000.

9 Performed services and earned $5,000 and received cash of $5,000.

10 Performed services for a client on account, $6,500.

12 Employees worked two weeks and are expected to be paid salaries of $1,000 on 8/1.

15 Paid the short-term note payable from the June 8 purchase.

22 Purchased an equipment on account for $25,000.

30 Paid amount due for equipment.

30 Paid June's monthly rent of $500.

30 Monthly income taxes amount to $2,000 which will be paid on 8/5.

30 The Board of Directors declared and paid dividends of $1,000.

Required:

Journalize the entries. (2pts each) Omit the explanations.