LeeChangopenedLee'sWindowWashingonJuly1,2014.InJuly,thefolowing transactionswerecompleted:

July1 Leeinvested$20,000cashinthebusiness. 1Purchasedausedtruckfor$25,000,paying$5,000cashandsigning

anotepayableforthebalance. 3Purchasedsuppliesfor$2,100onaccount. 5Paid$1,800onaone-yearinsurancepolicy,efectiveJuly1.

12Biledcustomers$4,500forcleaningservices. 18Paid$1,400ofamountowedonsupplies. 20Paid$2,000foremployeesalaries.

2 1 C o l le c te d $ 3 ,4 0 0 fro m c u s to m e rs b il le d o n J u ly 1 2 . 25Biledcustomers$9,000forcleaningservices. 31Paid$550forfuelforthemonthonthetruck. 31Withdrew$1,600cashforpersonaluse.

Instructions (a)JournalizeandposttheJulytransactions.

(b)PrepareatrialbalanceatJuly31. (c)Journalizeandpostthefolowingadjustments:

1. EarnedbutunbiledfeesatJuly31was$1,500.

2. Thetruckhasanestimatedusefulifeoffouryears.

3. One-twelfthoftheinsuranceexpired.

4. Aninventorycountshows$700ofsuppliesonhandatJuly31. 5. Accruedbutunpaidemployeesalarieswere$800.

6. Thenotepayablehasa5.5%annualinterestrate.

(d)Prepareanadjustedtrialbalance.

(e)Preparetheincomestatementandstatementofowner'sequityforJuly,anda classifiedbalancesheetatJuly31,2014.Ofthenotepayable,$5,000mustbe paidbyJuly1,2015.

(f)Journalizeandposttheclosingentries. (g)Prepareapost-closingtrialbalanceatJuly31.