During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of auto equipment and supplies, completed the following transactions.

Prepare general journal, general ledger, Trial Balance, Prepare Adjusted trial balance and preparing financial statement (income statement, statement of retain earnings, Balance sheet) Also preparing closing entries of journal and Post closing Trial Balance.

July Transactions DateTransaction Description July 1Issued Common Stock in exchange for $100,000 cash. July 1Paid $4,000 rent for the months of July and August July 2Paid the insurance company $2,400 for a one year insurance policy, beginning July 1. July 5Purchased inventory on account for $35,000 (Assume that the perpetual inventory system is used.) July 6Borrowed $36,500 from a local bank and signed a note. The interest rate is 10%, and principal and interest is due to be repaid in six months. July 8Sold inventory on account for $17,000. The cost of the inventory is $7,000. July 15Paid employees $6,000 salaries for the first half of the month. July 18Sold inventory for $15,000 cash. The cost of the inventory was $6,000. July 20Paid $15,000 to suppliers for the inventory purchased on January 5. July 26Collected $6,000 on account from customers. July 30Paid $1,000 to the local utility company for July gas and electricity.Use the following account descriptions for journal entries. Chart of AccountsAccount TypeAccount NumberAccount TitleNormal BalanceAssets 111Cash Debit 112Accounts ReceivableDebit 115InventoryDebit 117Prepaid RentDebit 119Prepaid InsuranceDebit Liabilities 212Accounts Payable Credit 213Notes PayableprepCredit 214Salaries PayableCredit 215Interest PayableCredit Stockholders Equity 311Common Stock Credit 312Retained Earnings Credit Revenue 411Sales RevenueCredit Expenses 500Cost of Goods SoldDebit 511Rent ExpenseDebit 512Insurance ExpenseDebit 513Salaries ExpenseDebit 514Interest ExpenseDebit 515Utilities ExpenseDebit