The following transactions occurred during the companys first month.

June 1 The owner invested $32,000 cash and vehicle worth $26,000 in the company.

2 The company rented furnished office space by paying $7,800 cash for the 6 months rent in advance.

3 The company purchased $2,500 of office supplies for cash.

7 The company purchased goods for $4,500 on account.

10 The company paid $2,160 cash for the premium on a 6-month insurance policy.

16 The company sold goods for $4,050 by receiving a promissory note.

19 The company purchased goods for $2,250 in cash.

20 The company collected $1,600 cash for the services that will be rendered in coming days.

23 The company sold goods for $2,760 on account.

28 The company paid $4,400 cash for salaries earned by employees.

29 The company paid $750 cash for minor repairs to the companys vehicle.

30 The company paid $550 cash for this months telephone bill.

30 The owner withdrew $1,200 cash from the company for personal use.

Required: 1. Prepare journal entries to record the transactions for June and post them to the ledger accounts. Use Periodic Inventory Method for merchandising operations