On July 1, 2013, Swarina Patel created a new self-storage business, Patel Storage Co. The following transactions occurred during the company's first month July1 Patel invested $30,000 cash and buildings worth $150,000 in the company in exchange for common stock 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. 5 The company purchased $2,400 of office supplies for cash 10 The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage begins on July 11 14 The company paid an employee $1,000 cash for two weeks' salary earned. 24The company collected $9,800 cash for storage fees from customers. 28The company paid $1,000 cash for two weeks' salary earned by an employee 29The company paid $950 cash for minor repairs to a leaking roof. 30The company paid $400 cash for this month's telephone bill. 31 The company paid $2,000 cash for dividends. The company's chart of accounts follows: 101 Cas 401 Storago Fees Eamed 606 Depreciation Expense Buildings 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 106 Accounts Recelvable 124 Office Supplies 128 Prepaid Insurance 173 Bulldings 174 Accumulated Depreciation Buildings 650 Office Supplies Expense 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends 684 Repairs Expense 688 Telephone Expense 901 Income Summary Required 1. Use the balance column format to set up each ledger account listed in its chart of accounts. 2. Prepare journal entries to record the transactions for July and post them to the ledger accounts Record prepaid and unearned items in balance sheet accounts 3. Prepare an unadjusted trial balance as o July 31 4. Use the following information to journalize and post adjusting entries for the month: o Two-thirds of one month's insurance coverage has expired o At the end of the month, $1,525 of office supplies are still available