PROBLEM II May 1 Nick Nichols opened a dry cleaning service, called Nichols Cleaners depositing $30,000 into the business account. 3 Paid a two-year insurance policy for $ 7,200 6 Purchased dry cleaning equipment for $ 20,000. Paid $ 4,000 in cash, the remainder to be paid in two weeks 9 Hired a worker, to be paid $200 per week, starting tomorrow. 17 Paid the worker's weekly wages. 17 Recorded revenue earned and received for the week, S 2,000 20 Paid for the remainder of the equipment purchased on may 6. 21 Received $ 150 in advance of cleaning and boxing a wedding gown. 24 Received a telephone bill for $ 50 which will be paid in two weeks. Required '1) Prepare the journal entries (in good form) for the transactions listed above. If no entry is required, write, "no entry". No explanations are needed. 2) Post to T- Accounts 3) Prepare the Trial Balance for Nichols Cleaners