78 The July, 1924 transactions of Air Services, Inc. are listed below. Processing Economic July 1 Issued $8.000 par value stock for $5,000 cash and equipment valued at $3,000 2-Paid July rent $180 5 Purchased airplane spare parts on account from Curtis Company, $1,817 7-Purchased shop supplies for $410. cash 9-Bailed Charter Airline 5288 for parts and $470 for tabor used in making a periodic check on one of its aircraft 11--Purchased additional airplane parts from Wright Corporation, paying $421 cash 12-Collected S45 for repair of landing gear on a private plane. No parts were used 10-Paid the Curtis Company bill. 15 Billed World Air Flights $418 for parts and 56 14 for labor used in repairing a ta assembly 15--Paid salaries of $800 for first half of July 18.- Collected $100 for periodic overhaul of a private plane, this amount included $20 for parts 20.-Received $758 from Charter Airline 20-Signed an agreement with XYZ Company to perform at required labor for maintenance on its company plane 23.Purchased a one-year fire insurance policy for cash, $30. 25-Received 51,032 from World Air Flights 26-Bited Charter Airline $310 for parts and S580 for labor wted in making a periodic check 1 of one of its aircraft 27_Purchased airplane parts on account from Curtis Company. 5622 29-Completed rebuilding landing gear on plane belonging to A Y Junior, The total bill amounted to $990, of which $200 was for parts. Junior gave his check for the entire bill when he called today for his plane 30....Purchased shop supplies on account from Modern Supply Co., 584 31-Paid salaries for last half of July, $825. 31-Bed XY2 Company, pursuant to agreement of July 20, for parts used in maintenance of company plane, S72, and labor of $100. INSTRUCTIONS (a) Journalize the transactions for the month (6) Post the transactions to the ledger accounts (c) Prepare a July 31, 19.4 trial balance