me . """ii . .. ..._ 1 $32,231 of common shares in the new company are sold for cash. 1 Purchased land and building, worth $120,000 and $240,000 respectively by borrowing all the funds from the bank on a long-term loan. 1 Paid $10,000 for the premium on a one-year insurance policy effective today. 2 Purchased $5,000 of office supplies for cash. 14 Paid an employee $1,000 for two weeksF salary. 21 Summarized and recorded the billings to customers for the first three weeks of July for storage fees earned. Billings totaled $15,000. 20 Received $0,000 from customers in partial settlement of accounts billed on the 21st. 20 Paid another $1,000 for two weeks' salary. 23 Paid the month's $600 phone bill. 30 Repaired leaking roof for $1,200 on account. 31 Paid out dividends to shareholders of $3,200. 31 Made a payment to the bank of $1,000 interest and $4,000 to pay the amount owing for the bank loan. Use the following information to journalise and post the adjusn'nents for the month. a. ne month's insurance coverage was consumed. b. There was $3,100 of office supplies on hand atthe end of the month. c. Depreciation on the buildings was estimated to be $2,400 per month. d. The employee had earned $300 of unpaid and unrecorded salary. e. The company had earned $1,000 of storage fees that had not yet been billed