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Saluki Sports Products (SSP) began operations on January 1, 2017. SSP sells sporting goods, licensed team apparel, and sports memorabilia. Additional background information related to SSP is as follows: SSP accrues interest on outstanding debt on a monthly basis SSP depreciates fixed assets on a monthly basis SSP employees are paid monthly. Paychecks are issued on the 1st day of each month for the previous month's salaries SSP utilizes a perpetual inventory system The following transactions took place during 2017 January 1 SSP owners Clayton Garrison and Adam Klement each invested $100,000 in the company. Each owner received 5,000 shares of common stock. The shares of common stock have a $1 par value January 2 Saluki Company borrowed $100,000 from SIL Bank and signed two notes. The first note for $50,000 requires the payment of principle and 9.6% interest in one year. The second note for $50,000 requires the payment of principle in two years Interest at 7.8% is payable each year starting on January 2, 2018 and January 2, 2019 January 2 Paid $18,000 in advance for one year's rent on the store building Purchased furniture and fixtures from Schmitt's Furniture Factory for $20,400 cash. The furniture and fixtures are expected to have zero salvage value, a useful life of 5 years, and will be depreciated using the straight-line method January 2 January 2 January 3 January 4-31 Purchased $20,000 of inventory on account from Sports Stuff Limited. Purchased $1,000 of supplies for cash. During the month, sold merchandise costing $8,000 for $18,260 cash. January 11 Sold memorabilia on account to the Southern Illinois Regional Sports Hall of January 17 Paid Sports Stuff Limited $20,000 on account. January 23 Received $3,200 on account from the Southern lnois Regional Sports Hall of Fame for $3,200. The memorabilia cost $1,700 Fame Received a $312 bill from Little Egypt Power &Water for January utilities. The bill is due on February 10th January 31 January 31 Received a $148 bill from Midwest Internet for internet service used during the month of January. The bill is due on February 14th January 31 Accrued monthly salaries owed to employees for the month of January totaling $5,640 January 31 Examination of the supplies on hand indicated that supplies totaling $280 remained unused