What is the t account ledger for the following: $6/1$ Each of the students$/$owners invests $$16,000$ of cash in the Chicago Summer Company.

The students open a business checking account with City Bank and deposit their initial investments.

$6/1$ They sign a $2-$year lease to rent a space on Michigan Avenue for the Chicago Summers Ice cream shop.

Monthly rent of the space is $$2400,$ payable on the first day of each month.

$6/2$ They purchase Ice cream Equipment on account for $$10,200,$ payable in three equal installments, in the next three months

The first installment is due for payment on July $2$nd$.$ It is estimated that the equipment has a life of $5$ years with no

salvage value.

$6/2$ They purchase Furniture for the Ice Cream Shop on account for $$8,000$ on account, payable in $45$ days.

It is estimated that the furniture will be used for $3$ years, with no salvage value.

$6/2$ They purchase a laptop for $$1400$ on account to be used exclusively in keeping track of the accounting records.

Payment for the computer is due in $45$ days. Estimated life of the laptop is $4$ years with no salvage value.

$6/2$ They purchase QuickBooks software, to be used in Accounting, for $$900$ on account $-$ payable in $45$ days.

It is estimated that the software will be used for $10$ years.

$6/5$ They call a technician to install the Ice Cream equipment. Estimated bill of the technician is $$750.$ At the end of the

month, the company has not yet received the bill, however, the technician completed in full his installation work.

$6/5$ They hire two employees. Total salary cost for the two employees is $$2200$ a month, payable at the end of$.6/5$ Victoria & Iman are in charge of purchasing the key materials to make the ice cream. At the beginning of the month

they purchase the following:

Description Quantity in LB Price Total Cost

Milk $200$ $$2\mathrm{.}25$ $$450\mathrm{.}00$

Sugar $200$ $$1\mathrm{.}20$ $$240\mathrm{.}00$

Vanilla $1$ $$550\mathrm{.}00$ $$550\mathrm{.}00$

Cacao $200$ $$3\mathrm{.}50$ $$700\mathrm{.}00$

Butter $200$ $$2\mathrm{.}95$ $$590\mathrm{.}00$

$6/5$ They incur freight costs of $$125,$ which they pay in full.

$6/15$ Victoria and Iman purchase additional materials. Because of market changes, they realize that prices for their key

ingredients have gone up$.$

Description Quantity in LB Price Total Cost

Milk $200$ $$2\mathrm{.}85$ $$570\mathrm{.}00$

Sugar $200$ $$1\mathrm{.}50$ $$300\mathrm{.}00$

Butter $100$ $$3\mathrm{.}15$ $$315\mathrm{.}00$

$6/30$ Throughout the month, the Chicago Summers ice cream shop is able to generate a total of $$8,500$ in cash sales.

$6/30$ Paid the salaries of the two employees for June.