Journal Entries and Adjusting Journal Entries (20 minutes) Ryan's Rentals provides tents, furniture and serveware for events. The Company has a fiscal year end of July 31,2023 . The following transactions occurred during the month of July: July 1, 2023 Purchased a one-year insurance policy for $7,200. July 6, 2023 Received a telephone bill for $160. Have not paid yet. July 9, 2023 Paid $80 to advertise in the local newspaper. July 15, 2023 Paid employee salaries of $3,500. July 16, 2023 The Company was completely out of supplies, so they purchased $750 of supplies on account. July 18, 2023 Received payment of $850 for rental services that were billed last month. July 31, 2023 The shareholders took a cash dividend of $1,500 July 31, 2023 Received $400 cash for rental services that are going to occur in August 2023. Other information A supply count showed $250 of supplies were on hand. Required: 1) Record the journal entries for the above transactions 2) Record any adjusting journal entries, if required