During June, the first month of its fiscal year, Marshall Company had the following transactions. The Marshall Company uses the Perpetual Inventory System to account for Merchandise Inventory. June 1 The owner Andrew Marshall invested the following: Cash - $150,000, Equipment $40,000, and Notes Payable (on the equipment) $15,000. Paid rent for June, $4,000. 1 4 Purchased Supplies on Account, $6,000. 5 Purchased Merchandise Inventory on account from Martin Co., terms 2/10, n/30, FOB shipping point, $56,000. The seller has paid for the shipping of $1,000. 12 Sold Merchandise on account of $85,000 to Learner Co., terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $60,000. The appropriate party has paid for the shipping of $1,500. Paid Martin Co. for the purchased on June 5. Wages were paid to employees, $12,000 14 19 21 25 Adj. Ent 30 30 30 30 Received payment from Learner Co. Purchased Merchandise Inventory on account from Martin Co., terms 2/10, n/30, FOB shipping point, $146,000. The seller has prepaid for the shipping of $2,000. Remaining supplies $2,500. Accrued Interest on the Note Payable, $100. Accrued Wages $10,000 Bad Debt is estimated to be 1% of monthly Sales of $225,000. 30 Depreciation on equipment $ 5,000.