An owner started a business in May. Prepare journal entries to record the transactions during the month of June detailed below. You
may omit explanations of the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent
manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
1. The owner started the business by investing cash of $11,800, equipment with a fair value of $2,950, and supplies with a fair
value of $510.
2. Entered into a service contract with a client for a total of $1,475 that provided a deposit of $295 prior to commencing any
work.
3. Purchased supplies for $204 on account.
4. Received cash of $708 for services provided.
5. Paid for one-year insurance in advance, $1,416.
6. Completed the contract in (2) above and received the balance owing in cash of $1,180.
7. Paid cash of $236 from the business bank account for the owner's personal expenses.
8. Paid for the supplies purchase in (3) above.