Transactions for Cullumber Ltd. for the month of June, its first month of operations, are presented below: June 1 Issued common shares to shareholders in exchange for $6,500 cash. 4 Purchased supplies on account for $300. 7 Billed J. Kronsnoble $300 for welding work done. 22 18 Received partial payment of $250 from J. Kronsnoble for work billed on June 7. 25 27 28 Paid for supplies purchased on June 4. 29 Paid $100 for monthly income tax instalment. Hired a new employee to start work on July 3. Received cash of $400 from Liu Controls Ltd. as a deposit for welding work to be done in July.