For the following transactions shown below, you are required to 1) prepare the journal entries, 2) post the T-accounts, and 3) extract the trial balance. Newbell Dry Cleaning Company opened its business bank account by depositing $60,000 on August 1. Purchased supplies for $1,100 cash Purchased dry cleaning equipment from Sears Corporation for $17,500, making a down payment of $7,500 cash. The remainder is placed on account. Paid rent for the month in the amount of $4,12 Cash sales for the month were $9,250. Paid salaries of $1,875 cash. Paid Sears $2,500 cash on account. The cost of supplies used for the month was $300. On August 1, the company purchased insurance costing $12,000 (12 months). Adjust the books to reflect insurance consumed for the month as $1,000.