Listed below are the transactions for Ajayi Art, Inc. for the month of July:

July 1 Ajayi Art, Inc. is started with an investment of $275,000 cash.

July 1 Ajayi purchases office equipment for $22,500 by signing a 10% note (interest and principal to be paid over the next 12 months).

July 6 Pays rent for the art gallery in advance for the next three months with a check for $3,030.

July 8 Purchases art supplies from Wacky Art Co. on credit for $10,500.

July 9 Receipt of $3,850 from a customer who has commissioned a piece of custom art to be completed by the end of the year.

July 11 Pays miscellaneous office expenses totaling $415 in cash.

July 13 Bills customers $4,730 for art classes provided in June.

July 15 Pays $3,850 to Wacky Art Co.

July 20 Receives $2,090 from customers on account.

July 30 Ajayi records $4,180 in salaries for the month of July. Paychecks will be disbursed to employees on August 2nd.

Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger accounts: Cash, Accounts Receivable, Supplies on Hand, Office Equipment, Accumulated Depreciation, Accounts Payable, Common Stock, Service Revenue, Rent Expense, Miscellaneous Office Expense, Office Salaries Expense, Supplies Expense, Depreciation Expense, and Income Summary.

Prepare an unadjusted trial balance.

Record depreciation using a 5-year life on the office equipment, the straight-line method, and no salvage value. Round to whole numbers. Also, record an adjustment for art supplies used in the amount of $1,660 and record interest expense for the note.

Prepare an adjusted trial balance.

Prepare an income statement, a statement of retained earnings, and an unclassified balance sheet.

Prepare closing entries.

This is an update from my instructor. I think he left some info out.

It has been brought to my attention that two accounts are missing from the ones listed. The accounts are Unearned Revenue and Office Salaries Payable for the July 9^th and July 30^th transactions respectively.

Notes Payable, Interest Payable, and Interest Expense accounts are also not listed.

This is all of the information I was given. Thanks!