The balance sheet accounts of Blake's Radio Shop at July 1, 1979, are as follows:

A summary of the transactions for July is as follows:
(1) Performed repair services, for which \(\$ 800\) in cash was received immediately.
(2) Performed additional repair work, \(\$ 300\), and sent bills to customers for this amount.
(3) Paid creditors, \(\$ 500\).
(4) Took out insurance on equipment on July 1, and issued a check to cover 1 year's premium of \(\$ 84\).
(5) Paid \(\$ 50\) for a series of advertisements that appeared in the local newspaper during July.
(6) Issued check for \(\$ 120\) for rent of shop space for July.
(7) Paid telephone bill for the month, \(\$ 30\).
(8) Collected \(\$ 150\) of the amount charged to customers in item (2).
(9) The insurance expired during July is calculated at \(\$ 7\).
(10) Cost of repair parts used during the month, \(\$ 130\).
(11) Cost of office supplies used during July, \(\$ 30\).
(12) Depreciation of equipment for the month is \(\$ 24.2\)
a Open T-accounts and insert the July 1 balances. Record the transactions for the month in the \(\mathrm{T}\)-accounts, opening additional \(\mathrm{T}\)-accounts for individual revenue and expense accounts as needed.
b Prepare an adjusted, preclosing trial balance at July 31, 1979.
c Enter closing entries in the T-accounts using an Income Summary account.
d Prepare an income statement for the month of July and a balance sheet as of July 31, 1979 .

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Cash Repair Parts Inventory Office Supplies Inventory Equipment .. Accumulated Depreciation Accounts Payable Brenda Blake, Capital $1,720 600 80 2,000 $ 200 2,200 2,000 $4,400 $4,400