Mike’s Computer Rental began operations on June 1. Activity for Mike’s for its first month of business (June) was as follows: 1. On June 1, issued 1,000 shares of common stock in exchange for: (a) $10,000 in cash and (b) furniture worth $12,000 (estimated life of 5 years). 2. Also on June 1, purchased supplies to be used for computer repairs by paying $500. (Note: an inventory of supplies at June 30 indicates that there is still $120 worth of supplies on hand at month-end). 3. On June 2, purchased a computer worth $3,600 (estimated life of 3 years) by paying $750 in cash and the balance on account. 4. On June 3, rented a small office in on Green Street for $500 per month. Paid the first 6 months’ rent in advance. 5. On June 5, paid $150 for two advertisements that will be placed in the Journal and Register newspapers on June 23. 6. On June 15, received $950 for computer repair services performed during the first half of the month. 7. On June 20, received a contract to repair computers for a local high school. The school paid $8,000 in advance for a 6-month service contract that will run from July 1 to December 31. 8. On June 25, paid the balance due on the computer purchased on June 2. 9. On June 28, received $500 for computer repairs worth $1,200 performed for a customer. The balance of the bill is to be paid next month. 10. On June 30, received $1,800 for computer repair services performed during the second half of the month.