During its first month of operation, Peter's Pool Corporation, which specializes in pool repairs, completed the following transactions. Date July 1 July 1 July 1 July 6 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. 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. 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. July 8 July 10 July 11 July 18 July 20 July 31 July 31 July 31 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. AutoSave Off Milestone 1_Course Project_ACCT212_Lima week 6 - File Home Insert Page Layout Formulas Data Review View Developer Help H11 A D F B E Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $250. c) The estimated depreciation on repair equipment is $160. d) The estimated Income taxes are $95. 1 Requirement #5: Post the adjusting entries on July 31 below to the General Ledger T-accounts (Step 21 and compute adjusted balances. Just add to the balances that are already listed. 2 Requirement #4 Account Number from Chart of Accounts tab Date Account Title from Chart of Accounts tab prepaid insurance insurance expense Debil 1.200 Credit 1.200 repair supplies expense repair supplies expense 250 4 5 6 7 8 9 10 11 12 13 14 15 16 250 depreciation expense accumulated depreciation 160 160 tax expense tax payable 95 95 18 19 20 21 22 23 24 25 26 27 July Transactions Chart of Accounts 1 - Journal Entries 2 - General Ledger 3- Trial B Ready