account of S- During its first month of operation, Peter's Pool Corporation, which specializes in pool repairs, completed the following transactions. Date July 1 July Transactions Transaction Description Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 July 1 July 6 Paid the premium on a 1-year insurance policy, $4,800. Paid the current month's store rent expense. $3,600. Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 July 10 July 11 July 18 July 20 July 31 July 31 July 31 Purchased repair supplies from Mary's Repair Company on credit $450. Paid telephone bill, $300. Cash pool service revenue for the first third of July, $2.650. Made payment to Mary's Repair Company, $300. Cash pool service revenue for the second third of July, $4.000. Cash pool service revenue for the last third of July. $2,250. Paid the current month's electric bill, $500. Declared and paid cash dividend of $1.100. Use the following account descriptions for journal entries. Chart of Accounts Account Number Account Title Account Type Assets Normal Balance 111 117 119 144 145 Cash Repair Supplies Prepaid Insurance Repair Equipment Accum Dep - Repair Equipment Debit Debit Debit Debit Credit Liabilities 212 213 Accounts Payable Income Tax Payable Credit Credit Stockholders Equity 311 312 313 Common Stock Retained Eamings Dividends Credit Credit Debit Revenue 411 Pool Service Revenue Credit Expenses 511 512 513 514 515 516 517 Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Expense Dep Expense - Repair Equipment Income Tax Expense Electric Expense Debit Debit Debit Debit Debit Debit Debit REQUIREMENT #3: Prepare a trial balance for July in the space below. Peter's Pool Corporation Trial Balance July 31 Account Title B Account Number Balance Debit Credit 7 10 11 12. 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 QUIREMENI OZ Pos me juy puma entries to the following 1-ACCOunts and compute enang balance Date Coin roof Sense reve Repol Suppleann Soren Experten 17 20 71 22 23 24 25 Prepold Insurance (11 Telephone pense (512 SY 30 5+ Repo Eqviment (140 Murance Ene 10 36 17 Accu Deportement (148 ARMENDI 10 4 40 ACCOUN Payub Demet Income Taxe