Karla Adorno opened Montecarlo Fresh Company for business on February 1, 2021. Its balance before adjustment on July 31, 2021 is as follows: Montecarlo Fresh Company Trial Balance July 31, 2021 Cash Accounts receivable Supplies Prepaid insurance Stocks investment Investment in real estate Land Machinery Equipment Franchises Notes payable Accounts payable Unearned service revenue Salaries and wages payable Interest payable Bonds payable Mortgage payable Owner's capital Owner's drawing Service revenue Salaries and wages expense Totals Debit $145,000.00 50,000.00 12,000.00 48,000.00 90,000.00 150,000,00 120,000.00 95,000.00 120,000.00 68,000.00 35,000.00 86,000.00 $1.019.000.00 Credit $65,000.00 45,000.00 54,000.00 60,000.00 18,000.00 145,000.00 250,000.00 220,000.00 162,000.00 $1.019.000.00 At July 31, 2021 the Company should make the following adjusting entries: 1. Salaries of $12,250 were accrued at July 31, 2021. 2. A count on July 31, 2021, shows $3,350.00 of supplies on hand. 3. Annual depreciation for the machinery is $19,000 and for the Equipment is $12,500.00. 4. Insurance expires $4,000.00 per month. The Company paid for the insurance policy in March 1, 2021. 5. The mortgage interest rate is 12% per year. The mortgage was taken out on April 1. Instructions: 1. Journal and post the adjusting entries. 2. Prepare an Adjusted Trial Balance. 3. Prepare an Income Statement, for the semester ended, July 31, 2021. 4. Prepare a Statement of Owner's Equity. 5. Prepare a Classified Balance Sheet for July 31, 2021. 6. Journal and post the Closing Entries. 7. Prepare post-closing trial balance.