At the beginning of June 2017, Brett Wilson created a moving company called Frog Box Company. The company had the following transactions during July, its second month of operations:
July    

1. Purchased office equipment for $9,000 and a truck for $56,000 by signing a long-term note payable.
2. Purchased land for an office. The land was worth $124,000, which was paid with $40,800 cash and a long-term note payable for the balance.
3. Purchased a used portable building with $21,000 cash and moved it onto the land. 

5. Paid $9,600 cash for the premiums on two one-year insurance policies. 

9. Provided services to a client and collected $3,200 cash.
12. Purchased additional office equipment for $6,500. Paid $700 cash and signed a long-term note payable for the balance.
15. Completed $3,750 of services for a client. This amount is due within 30 days. 

20. Completed another hauling job for $9,200 on credit. 

21. Received a bill for rent on a specialized hauling truck that was used to complete the job done on July 20. The $1,300 rent must be paid within 30 days. 22. Collected $5,000 from the client described in the transaction on July 20. 

23. Paid $1,600 wages to an assistant. 

24. Paid the account payable created in the transaction of July 21. 

25. Paid $1,425 cash for some repairs to the truck. 

26. Wilson withdrew $3,875 in cash from the business for personal use. 

27. Paid $1,600 wages to an assistant. 

28. Paid $800 cash for advertising in the local newspaper during July. 

29. Received $1,400 from a client for services to be performed in August.

Required
1. Prepare journal entries to record the transactions. Use page 1 for the journal.
2. Set up the following general ledger accounts (use the balance column format or T-accounts), entering the balances brought forward from June 30, 2017: Cash (101) $75,000; Accounts Receivable (106) $950; Prepaid Insurance (128) $275; Trucks (153) $20,800; Office Equipment (163) $1,200; Building (173) $-0-; Land (183) $-0-; Accounts Payable (201) $725; Unearned Revenue (233) $-0-; Long-Term Notes Payable (251) $7,000; Brett Wilson, Capital (301) $83,825; Brett Wilson, Withdrawals (302) $600; Revenue (401) $8,400; Wages Expense (623) $780; Truck Rental Expense (645) $230; Advertising Expense (655) $75; and Repairs Expense (684) $40.
3. Post the entries to the general ledger accounts and enter the balance after each posting. 4.    Prepare a trial balance as of the end of the month.