Problem #1 (23 points) Galarus Company had the following after-closing trial balance as of June 30, 2007: Galarus Company Trial Balance June 30, 2007 Debit Credit Cash $ 5,300 Accounts receivable 6,600 Prepaid rent 1,950 Office equipment 19,250 Accumulated depreciation S 4,150 Accounts payable 1,500 Unearned service revenue 4,200 Common stock 10,000 Retained earnings 13.250 $ 33,100 $ 33,100 The company was engaged in the following transactions during the first week of July 2007: 1. July 2 Accounts payable were paid in the amount of $800; 2. July 3 Borrowed $8,000 from a bank for 9 month, issuing 8% note payable; 3. July 4 Collected $1,500 cash from customers as advance payment for services to be performed; 4. July 6 Billed customers $4,000 for services performed on July 3rd and 4th; Required: 1. Prepare journal entries for July 1-6, 2007; 2. Post them to Ledger (only transactions you have recorded for July 1-6, 2007)