Part XXX Accounting Cycle Grindstone Paving provides residential and commercial paving services. Their balance sheet at the end of June 2020 is shown below, along with their chart of accounts. Grindstone Paving Balance Sheet As at June 30, 2020 Assets Liabilities Cash $7,600 Accounts Payable $14,300 Accounts Receivable $5,800 Unearned Revenue $7,400 Prepaid Insurance $996 Bank Loan $28,000 Equipment $57,600 Less: Occwe Depreciation 5,200 $52,400 Total Liabilities $49,700 Stone, Capital $17,096 Total Assets $66,796 Total Liabilities & Owners' Equity $66,796 NOTE: The bank loan has monthly payments of $1,000. Account Account Account Description ASSETS Account Description REVENUE 101 400 Service Revenue EXPENSES 105 110 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation LIABILITIES 500 120 125 510 S15 Advertising Expense Depreciation Expense Insurance Expense Interest Expense Salaries Expense Telephone Expense 200 520 545 550 205 210 Accounts Payable Interest Payable Salary Payable Uneamed Revenue Bank Loan OWNER'S EQUITY 215 220 Rocky Stone, Capital 300 Rocky Stone, Withdrawals 310 Income Summary 315 For the month of July 2020, Grindstone Paving had the following transactions: Jul 1 Jul 2 Jul 5 Jul & Jul 10 The owner invested $9,200 cash into the business. Received $2,200 cash for work that will be provided in August. Received an advertising bill for $710 which will be paid next month. Paid the July telephone bill for $110 cash. Provided $8,800 worth of services to customers who will pay later. Purchased equipment with $7,600 cash. Received $2.290 in payment from customers paying their accounts. Paid $1,710 towards accounts payable Paid $1,000 toward principal of the bank loan. Paid $2,500 cash for an employee's salary all of this salary was earned in July). The owner withdrew $2,100 cash for personal use. Jul 20 Jul 22 Jul 24 Jul 28 Jul 30 Jul 31 Jul 31 At the end of July, the following adjustment had to be journalized to properly report the balances of One month of prepaid insurance worth $83 has been used. Monthly depreciation on the equipment was $800 Unearned revenue worth $480 has now been earned. Interest of $110 has accrued on the bank loan. Accrued salary expense of $440 for an employee. Jul 31 Jul 31 Jul 31 the company's accounts: Required: a) Enter the opening balances from the June 2020 balance sheet into the general ledger accounts. b) Prepare the journal entries for the month of July and past them to the appropriate general ledger accounts. c) Create the trial balance in the worksheet, enter the adjustments, and then complete the remaining section of the worksheet d) Create the income statement, statement of owner's equity and the classified balance sheet. e) Prepare the journal entries for the adjustments and post them to the appropriate general ledger accounts. f Prepare the journal entries to close the books for the month of July 2020 (use the income summary account), and post the journal entries to the appropriate general ledger accounts. B) Create the post-clasing trial balance. Date Account Title and Explanation PR DR CR