QUESTION 1 On July 1, 2019, Cindy Tucker created a new self-storage business called Lockit Company. These transactions occurred during the companys first month. July 01 Common Stock was issued for $140,000 cash. 05 Office Supplies were purchased for $2,300 cash. 10 Paid $5,400 for the premium on a one-year insurance policy. 14 Paid an employee $900 for two-weeks salary. 24 Collected $8,800 of storage fees from customers. 31 Cash dividends were paid in cash totaling $1,600. These items require adjustments at the end of the month: a. One month of the insurance coverage was consumed. b. There was $1,550 of office supplies on hand at the end of the month. c. Depreciation on the buildings for the month was estimated to be $1,200. d. The employee had earned $180 of unpaid and unrecorded salary. e. The company had earned $950 of storage fees that had not yet been billed. Lockits Chart of Accounts 101 Cash 401 Storage Fees Income 106 Accounts Receivable 506 Depr. Expense - Buildings 1245 Office Supplies 522 Salaries Expense 128 Prepaid Insurance 537 Insurance Expense 173 Buildings 540 Rent Expense 174 Accum.. Depr. - Buildings 550 Office Supplies Expense 209 Salaries Payable 584 Repairs Expense 301 Common Stock 590 Pension Expense 302 Dividends 600 Income Summary Required: Prepare the journal entries and adjusting entries for the month of July.