Transactions for the Novak Company, which provides welding services, for the month of June are presented as follows. June 1 Novak invests $4,000 cash in exchange for shares of common stock in a small welding business. 2 Purchases equipment on account for $820. 3 $770 cash is paid to landlord for June rent. 12 Bills P. Leonard $320 after completing welding work done on account.