For the following transactions shown below, you are required to 2) post the T-accounts, and 3) extract the trial balance.

1.Newbell Dry Cleaning Company opened its business bank account by depositing $60,000 on August 1.

2.Purchased supplies for $1,100 cash

3.Purchased dry cleaning equipment from Sears Corporation for $17,500, making a down payment of $7,500 cash. The remainder is placed on account.

4.Paid rent for the month in the amount of $4,12

5.Cash sales for the month were $9,250.

6.Paid salaries of $1,875 cash.

7.Paid Sears $2,500 cash on account.

8.The cost of supplies used for the month was $300.

9.On August 1, the company purchased insurance costing $12,000 (12 months).

10.Adjust the books to reflect insurance consumed for the month as $1,000.