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P4.5A (LO 1, 2) AP Lee Chang opened Lee's Window Washing on July 1, 2021. In July, the following transactions were completed: July 1Invested $20,000 cash in the business. I Purchased a used truck for $25,000, paying $5,000 cash and signing a note payable for the balance. 1 Paid $2,800 on a one-year insurance policy, effective July 1. 5Billed customers $3,300 for cleaning services. https://edugen.wileyplus.com/edugen/courses/crs13456/ebook/c04/d2VSZ2FuZHQ5NzgxMTE5NTAyNDMyYzAOXZE2XzAueGZvem0.enc?course=crs13456&id=ref 5/15 6/5/2020 Completion of the Accounting Cycle 12Purchased supplies for $2, 100 on account. 18Paid $3,000 for employee salaries. 25Billed customers $8,900 for cleaning services. 28Collected $3,300 from customers billed on July 5. 31 Paid $550 for repairs on the truck. 31 Withdrew $2,600 cash for personal use. Instructions a. Journalize and post the July transactions to the general ledger. b. Prepare a trial balance at July 31. C. Journalize and post the following July 31 adjustments: . 1.Services of $1,500 were provided but remained unbilled and uncollected at July 31. . 2. The truck has an estimated useful life of five years. 3.One twelfth of the insurance expired. 4.An inventory count shows $700 of supplies on hand at July 31. . 5.Accrued but unpaid employee salaries were $800. . 6. The note payable has a 5.5% annual interest rate. d. Prepare an adjusted trial balance. 71 e. Prepare the income statement and statement of owner's equity for July, and a classified balance sheet at July 31, 2021. Of the note payable, $5,000 must be paid by June 30, 2022. F. Journalize and post the closing entries. g. Prepare a post-closing trial balance at July 31. Taking It Further Do companies need to make adjusting and closing entries at the end of every month