July 5 During its first month of operation, the Portor Services, Inc., which specializes in day porter services, comploted the following transactions. The first transaction (July 1) has been done for you as an example, July 1 Bogan businoss by making a doposit in a company bank account of $90,000, in exchange for common stock July 3 Paid the current month's rent, $5,500 Pald 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 8/1. 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 Prepare journal entries to record the July transactions in the Gene Use the following account names for journal entries. General Journal Chart of Accounts: Account Title Dato Description(Account Name) Debit Credit July 1 Cash 90,000 Assets Common Stock 90,000 Cesh Common Stock issued for cash Prepaid Insurance July 3 Supplies Equipment Accumulated Depreciation - Equipment July 5 Liabilities Accounts Payable July 7 Income Tax Payable Stockholders' Equity July 10 Common Stock Retained Earnings Dividends July 14 Revenue Service Revenue July 15 Expenses Rent Expense Salaries Expense July 19 Insurance Expense Supplies Expense Depreciation Experise July 31 Income Tax Expense July 31 90,000 90.000 This Sheet will be used for Requirements 2, 5, and 9. Requirement #2: Post the July journal entries to the following T-accounts and compute ending balances. The first journal entry (July 1) has been entered for you as an example Revenue (411) Cash (1102 90,000 90,000 Prepaid Insurance (117) Supplies (119) Equipment (140) Accumulated Depreciation Equipment (145) Accounts Payable (212) Income Tax Payable (213) Common STOCKT30 90,000 00.000 Dividends (313) Rent Expense (511) Salaries Expenso (512) Insurance Exponse (613) Supplies Expenso (514) Depreciation Expense (515) Income Tax Expense 510) Refainod Earnings (312)