During its first month of operation, the Portor Services, Inc., which specializes in day portor services, completed the following transactions. The first transaction (July 1) has been done for you as an example July 1 Began business by making a deposit in a companiy bank account of $90,000, in exchange for common stock July 3 Paid the current month's rent, $5,500 July 5 Paid the premium on a 1-year insurance policy, $4,800 July 7 Purchased supplies on account from Little Company, $900. July 10 Paid employee wages, $3,300 July 14 Purchased equipment from Lake Company, $11,500. Paid $1,500 down and the balance was placed on account Payments will be $500.00 per month for 20 months. The first payment is due 81. Note: Use accounts payable for the balance due. July 15 Received cash for day porter revenue for the first half of July, $7,700 July 19 Made payment on account to Lake Company, $500 July 31 Received cash for service revenue for the last half of July, $8,505 July 31 Declared and paid cash dividends of $600 mon for Innenslantis Credit Requirement #3: Prepare a trial balance for July in the space below. Porter Services, Inc. Trial Balance July 31 Debit Cash (111) 90,000 Prepaid Insurance (117) Supplies (119) Equipment (144) Accumulated Depreciation-Equipment (145) Accounts Payable (212) Income Tax Payable (213) Common Stock (311) Retained Earnings (312) Dividends (313) Revenue (411) Rent Expense (511) Salaries Expense (512) Insurance Expense (513) Supplies Expense (514) Depreciation Expense (515) Income Tax Expense (516) 90,000 + 90,000 90,000 Requirement 04: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's Insurance has expired. See Journal Entry tab uy transaction) b) The remaining inventory of supplies is $375, (Soe Journal Entry tab "July Transaction) c) The estimated depreciation on equipment is $175 d) The estimated income taxes are $3.200 for the past year. Assume this is the total income tax expense for the year and has not been recorded veed to accro the full amount General Journal Dar scription Account Narber Credit Juyu 1) Insurance policy / 12 months Por other on per month July 31 b) Beginning Supplies Supplies Used Remaining Dance Supplies Used July 31 July 31 Requirements: Post the adjusting entries to the General Ledger Taccounts and compute adjusted balances Just add to the balances that are already listed