The Montero Company, a wholesale distributor of furnace and air conditioning equipment, began business on July 1, 20X2. The following summarized transactions occurred during July:

a.Monteros stockholders contributed $300,000 in cash in exchange for their common stock.

b.On July 1, Montero signed a 1-year lease on a warehouse, paying $48,000 cash in advance for occupancy of 12 months.

c.On July 1, Montero acquired warehouse equipment for $100,000. A cash down payment of $40,000 was made, and a note payable was signed for the balance.

d.On July 1, Montero paid $24,000 cash for a 2-year insurance policy covering fire, casualty, and related risks.

e.Montero acquired assorted merchandise for $35,000 cash.

f.Montero acquired assorted merchandise for $190,000 on open account.

g.Total sales were $205,000, of which $30,000 were for cash.

h.Cost of inventory sold was $155,000.

i.Rent expenses was recognized for the month of July.

j.Depreciation expenses of $2,000 was recognized for the month.

k.Insurance expenses was recognized for the month.

l.Collected $45,000 from credit customers.

Disbursed $80,000 to trade customers.

Could you please explain how these transactions would look on the balance sheet?