3. Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable: Clay Potter, Capital: Clay ID: Potter, Drawing: Professional Fees; and Operating Expenses. In the T accounts, record the following transactions of Potter Pool Services for June. 2011, identifying each entry by number (1) Potter invested $12,500 cash.in the business. (2) Purchased supplies on account, S6,250 (3) Paid operating expenses, $5,500. (4) Billed clients for fees, $7,440. (5) Received cash from cash clients, $4,700. (6) Paid creditors on account, $1,400 (7) Received S3,100 from clients on account. (8) Withdrew $1,500 cash for personal use. (a) (b) Prepare a trial balance as of June 30, 2011 for Potter Pool Services. Assuming that supplies expense (which has not been recorded) amounts to $1,500 for June, determine the following: (1) Net income for the month. (2) Owner's equity as of June 30. (c) 4. For each of the following,journalize the necessary adjusting entry (a) A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period. assuming that the fiscal period ends (1) on Tuesday, (2) on Wednesday. The balance in the prepaid insurance account before adjustment at the end of the year is $18,000. Journalize the adjusting entry required under each of the following alternatives: (1) the amount of insurance expired during the year is $5,300, (2) the amount of unexpired insurance applicable to a future period is $2,700 (b) the coming fiscal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocable to July is $4,800. (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. (2) What is the amount of tax expense for July? (c) On July 1 of the current year, a business pays $54,000 to the city for license taxes for ation on equipment for the year is $32.00. (d) The estimated deprecia