Journalize the following transactions for Mercado Company for June 2016, the company’s first month of operations. You may omit explanations for the transactions.
01/06. Purchased equipment on cash for $6,000.
02/06. Billed customers $5,000 for services performed.
03/06. Made payment of $1,500 on account for equipment purchased earlier in month.
04/06. Collected $2,400 on customer accounts.
05/06. Received $5000 for service that will be performed during July 2016.
06/06. Buy new car for $25000, paid: 2/5 cash and 3/5 in 60 days.
07/06. Calculated interest rate of 15% on loan $125000 obtained on June 1st.