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2) On July 1, Tiana Maldonia created a new self-storage business, Jazz Storage Co. The following transactions occurred during the company's first month. 1 Maldonia

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2) On July 1, Tiana Maldonia created a new self-storage business, Jazz Storage Co. The following transactions occurred during the company's first month. 1 Maldonia invested $30,000 cash and buildings worth $150,000 in the company in exchange for common stock. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. 5 The company purchased $2,400 of office supplies for cash. 10 The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage begins on July 11. 14 The company paid an employee $1,000 cash for two weeks' salary earned. 24 The company collected $9,800 cash for storage fees from customers. 28 The company paid an employee $1,000 cash for two weeks' salary earned. 29 The company paid $950 cash for minor repairs to a leaking roof. 30 The company paid $400 cash for this month's telephone bill. 31 The company paid $2,000 cash in dividends. The company Chart of Accounts follows: 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 167 Buildings 168 Accumulated Depreciation-Buildings 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends 405 612 622 637 640 650 684 688 901 Storage Fees Eamed Depreciation Expense-Buildings Salaries Expense Insurance Expense Rent Expense Office Supplies Expense Repairs Expense Telephone Expense Income Summary a) Prepare journal entries to record the transactions for July and post them to the ledger accounts. The company records prepaid and unearned items in balance sheet accounts. b) Prepare an unadjusted trial balance as of July 31. c) Use the following information to journalize and post adjusting entries for the month. 1) Prepaid insurance of $400 has expired this month. 2) At the end of the month, $1,525 of office supplies are still available. 3) This month's depreciation on the buildings is $1,500. 4) An employee earned $100 of unpaid and unrecorded salary as of month-end. 5) The company earned $1,150 of storage fees that are not yet billed at month-end. d) Prepare the adjusted trial balance as of July 31. Prepare the income statement for the month of July 31. Prepare the statement of retained earnings for the month of July 31. Prepare the balance sheet at July 31 e) Prepare journal entries to close the temporary accounts and post these entries to the ledger f) Prepare a post-closing trial balance

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