Basic Journal Entries July 1 Sandy Bell opened a "Zip Line" co-adventure park in July. The following transactions occurred in the first month of operations: Sandy invested $1,000 cash in exchange for 50 common shares. Purchased equipment on account - 515,000 due August 1. July 2 The company borrowed $25,000 in the form of a long-term bank loan. The money was planned to pay off the equipment loan. July 5 Purchased insurance for the year, paid $8,000 cash. (Note this amount should not be expensed as it represents an asset to the company. July 8 Paid off equipment purchased on July 1. July 9 Took first group through an adventure tour. Collected $1,000 cash. July 12 Purchased fuel: 5500 cash. July 16 Purchased supplies: 5100 cash July 18 Sandy took a cash dividend of $1,000 to pay for personal expenses. July 20 Received but did not pay the telephone bill, $200. July 21 Took another tour group out. Billed the group $2,000. Payment has not yet been received July 26 Received a utilities bill: $250. Did not pay yet. Took out a tour group. Received payment in full: $1,500 July 31 Paid employees salaries of $3,000 Required: Record all necessary journal entries based on the transactions above. July 28 Show instructions Question 1 (1 point) Baalance in cash account at the end of July month is a $ 900 O $ 15,000 $1,000 $ 25,000 Question 2 (1 point) Balance in Prepaid Insurance Account at the end of the month is $7,333 $ 6,666 $ 667 tob x H Rock On 2 - Clockks Home of Ne X s Quiz 2 - 5% Schoology + llegebc.schoology.com/assignment/3217445823/assessment Questions IT point) Total of Trial Balance on Debits Side is............. O $ 29,950 $ 22,333 $ 29,000 $ 25,450 Od Question 4 (1 poing) Business should recognize all expenses that are incurred and revenues that were earned as per True False Question 51 point) Insurance Expense for the month of July is $667 57,333 5 6,6666 $ 8,000 Submit Search o