The transaction rotating to the formation of Blue Co Stores Inc., and its first month of operations follow. The firm was organized and the stockholders arrested cash of $7 400 The firm borrowed $4,800 from the bank a short-term note was signed Display cases and other store equipment costing $1 550 were purchased for cash The original list price of the equipment was $1,970 but a discount was received because the seller was having a sale. A store location was rented and $1,500 was pad for the first month's rent. Inventor, of $15 000 was purchased $9 700 cash was paid to the suppliers, and the balance will be paid within 60 days. Owing the first week of operations merchandise that had cost $4,000 was sold for $7,000 cash A newspaper ad costing $130 was arranged for it ran during the second week of the stores operations. The ad will be paid for in the next month. Additional inventory costing $4 060 was purchased cash of $1,350 was paid and the balance is due in 30 days. In the last three weeks of the first month sales totaled $13,250 of which $9,000 was sold on account. The cost of the goods sold totaled $8,100 Employee wages for the month totaled $2,000 these will be paid during the first week of the next month. The firm collected a total of $3,700 from the sales on account recorded in transaction. The firm paid a total of $4,200 of the amount owed to supplier from transaction e. Record each transaction in the appropriate columns. (Enter decreases to account balances as a negative)