Problem 2-5 MR Printing Company provides typing, duplicating, and printing services to cusiome transactions were completed by the Company during July. July 1: Issued 1,000 shares of share capital in exchange for an July 2: Purchased land and July 5: Purchased office equipment for $30,000 from Quality Interiors July 10: Purchased invesiment of $400,000 cash. a small building for $450,000, paying $165,000 cash and signing a note The land was considered to be worth $240,000 and the building payable for the balance. $210,000. cash and agreed to pay the balance within 60 days agreed to make a motorcycle on credit for $3,400 to be used for making deliveries to customers and payment to Spokes Limited within 10 days. printing services to customers on account $2,000. July 12. July 13: July 15: July 18: July 22: July 25: July 28: July 29: July 30: July 31: Paid in fullthe accounts payable to Spokes Limited. Made a $60,000 cash payment on the note payable from the purchase of land. Borrowed $30,000 from a bank and signed a note payabl Paid $1,500 cash for a one-year insurance policy Received cash $7,000 for printing services provided. Incurred advertising expense on account $500 Declared and paid $1,000 as cash dividends. Received $9,000 for services to be performed from August 1, to Collected cash of $1,500 for services performed on July 11 Paid salaries for the month $9,000. e due in six months. September 30. company uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 136 Prepaid Insurance, No. 145 Office Equipment, No. 156 Land, No. 157 Building, No.158 Motorcycle, No. 201 Accounts Payable, No. 211 Notes Payable, No. 220 Unearned Service Revenue, No. 311 Share Capital Ordinary, No. 320 Dividends, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, No. 735 Advertising Expense Instruction: 1. Journalize the July transactions Explanations are needed 2. Post to the ledger accounts 3. Prepare a trial balance on July 31, 20xx Page 1 GENERALJOURNAL Ref Debit Accouat Titles and Explanations July 1 2