Joe Sixpack began a web-based computer sales and service company on August 1, 20X8 called Sixpack's Toys. Sixpack records all prepayments as assets and unearned revenues as liabilities. The company has the following transactions for August 20X8. August 1 Joe invested $10,000 cash along with $6,000 of computer equipment into his new business. The equipment is estimated to have a useful life of 4 years and have no value after that time. 1 Purchased 12 months of insurance for $1,100 cash, the policy is effective immediately. 3 Ordered office supplies in the amount of $350 to be delivered later in the month. Payment due upon receipt of goods. 4 Purchases cleaning supplies on account for $750 6 Joe paid his personal property tax bill in the amount of $500. Joey used a company cheque 7 Purchased office equipment for $5,000 paying $500 down and signing a 1 year note at 6% for the balance. 9 Received office supplies ordered on the 3rd, paid cash for the supplies. 10 Hired computer technician today. 17 Provide web services in the amount of $4,000 to a variety of clients in the first weeks of business. Received $500 in cash and $3,500 was charged