New Era Cleaning Service, Inc. opened for business on July 1, 2010. During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 cash. July 1 Purchased a truck for $11,000. Paid $4,000 in cash and borrowed the rest (long term) from the bank. July 3 Purchased cleaning supplies for $900 on account. July 5 Paid $1,800 on a one-year insurance policy, effective July 1. July 12 Billed customers $4,800 for cleaning services. July 18 Paid $1,500 of the amount owed on the truck. July 18 Paid $500 of the amount owed on cleaning supplies. July 20 Paid $1,700 for employee salaries. July 21 Collected $1,200 from customers billed on July 12. July 25 Billed customers $1,900 for cleaning services. July 31 Paid gas and oil for the month on the truck, $500. July 31 Paid a $800 dividend. Instructions:

Post July transactions to the general journal and general ledger 'T' accounts Prepare an unadjusted trial balance Post the following adjustments (a) Earned but unbilled fees at July 31 were $1,400 (b) Depreciation for the month was $200 (c) One-twelfth of the insurance expired (d) An inventory count showed $300 of cleaning supplies remaining on July 31. (e) Accrued but unpaid employee salaries were $500. Prepare an adjusted trial balance Post closing entries Prepare a classified balance sheet and an income statement as of July 31.