Can someone explain how this accounting problem works and show the work for it? Please see attached file.

COMPREHENSIVE ACCOUNTING CASE Basic Accounting BU1102 Comprehensive Problem Term 2 Instructor: W.R. Allman, Ed.D. Student Name:_____________________________________ New Era Cleaning Service, Inc. opened for business on July 1, 2010. During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 cash. July 1 Purchased a truck for $11,000. Paid $4,000 in cash and borrowed the rest (long term) from the bank. July 3 Purchased cleaning supplies for $900 on account. July 5 Paid $1,800 on a one-year insurance policy, effective July 1. July 12 Billed customers $4,800 for cleaning services. July 18 Paid $1,500 of the amount owed on the truck. July 18 Paid $500 of the amount owed on cleaning supplies. July 20 Paid $1,700 for employee salaries. July 21 Collected $1,200 from customers billed on July 12. July 25 Billed customers $1,900 for cleaning services. July 31 Paid gas and oil for the month on the truck, $500. July 31 Paid a $800 dividend. Instructions: Unit 2 Post July transactions to the general journal and general ledger 'T' accounts Unit 3 Prepare an unadjusted trial balance Unit 3 Post the following adjustments (a) Earned but unbilled fees at July 31 were $1,400 (b) Depreciation for the month was $200 (c) One-twelfth of the insurance expired (d) An inventory count showed $300 of cleaning supplies remaining on July 31. (e) Accrued but unpaid employee salaries were $500. Unit 3 Prepare an adjusted trial balance Unit 4 Post closing entries Unit 4 Prepare a classified balance sheet and an income statement as of July 31. Journal # #1 #2 #3 #4 #5 #6 #7 #8 #9 #10 #11 #12 Date Accounts and Description Debit Debit Credit Credit Adjusting entries: (a) (b) (c ) (d) (e) Debit Cash Credit Equipment: Truck Debit Credit Salaries Payable Debit Credit Insurance Expense Debit Credit Accounts Receivable Debit Credit Pre-Paid Insurance Debit Credit Supplies Debit Credit Accum. Depreciation Debit Credit Accounts Payable Debit Credit Bank Loan Debit Credit Revenue Debit Credit Gas & Oil Expense Debit Credit Salaries Expense Debit Credit Supplies Expense Debit Credit Depreciation Expense Debit Credit Income Summary Debit Credit Common Stock Debit Credit Dividend Debit Credit Retained Earnings Debit Credit Happy Workers Cleaning Service Account Beginnng Balance Debit Cash Accounts Receivable Cleaning Supplies Prepaid Insurance Equipment Accumulated Deprec. Credit Debit 0 0 0 0 0 0 Accounts Payable Salaries Payable Bank Loan 0 0 0 Common Stock Retained Earnings Dividends 0 0 0 Service Revenue Gas & Oil Expense Cleaning Supplies Exp Depreciation Expense Insurance Expense Salaries Expense 0 0 0 0 0 0 Unadjusted Trial Balance Credit Adjusting Entries Debit Credit Adjusted Trial Balance Debit Credit New Era Cleaning Service Income Statement for period of July 1 through July 31, 2010 Revenue Less: Expenses Salaries Cleaning Supplies Gas & Oil Depreciation Insurance Total Expenses Net Income New Era Cleaning Service Balance Sheet as of July 31, 2010 Assets Current Assets Cash Accounts Receivable Cleaning Supplies Pre-paid Insurance Total Current Assets Long Term Assets Truck-Equipment less: Accumulated Depreciation Total Long Term Assets Total Assets Liabilities Current Liabilities Accounts Payable Salaries Payable Total Current Liabilities Long Term Liabilities Bank Loan Total Long Term Liabilities Total Liabilities Owners' Equity Common Stock Retained Earnings Beginning Retained Earnings Net Income less: Dividends Ending Retained Earnings Total Owners' Equity Total Liabilities and Owners' Equity