Question ASSIGNMENT Ashley Williams opened Ashley's Maids Cleaning Service on July 1, 2017. During July, the company completed the following transactions. July 1 Invested $12,000 cash in the business. July 1 Borrowed $5,000 using note payable (due in year 2022). July 2 Purchased a used truck for $10,000, paying $7,500 cash and the balance on account. July 3 Purchased cleaning supplies for $800 on account. July 5 Paid $2,160 on a 1-year insurance policy, effective July 1. July 12 Billed customers $3,800 for cleaning services. July 18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies. July 20 Paid $1,600 for employee salaries. July 21 Collected $1,400 from customers billed on July 12. July 25 Billed customers $1,900 for cleaning services. July 31 Paid gasoline for the month on the truck, $400. July 31 Withdrew $700 cash for personal use. The chart of accounts for Ashley's Maids Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation Equipment, No. 201 Accounts Payable, No. 202 Notes Payable, No. 210 Interest Payable, No. 212 Salaries and Wages Payable, No. 301 Owner's Capital, No. 306 Owner's Drawings, No. 350 Income Summary, No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, No. 724 Interest Expense, and No. 726 Salaries and Wages Expense. Requirements: (a) Journalize and post the July transactions (use standard form of account). Use page J1 for the Journal. (b) Prepare a trial balance at July 31. (c) Journalize and post following adjusting entries: (1) Unbilled fees for services performed at July 31 were $1,300. (2) Annual interest rate on note payable is 18%. (3) One-twelfth of the insurance expired. (4) An inventory count shows $100 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $500. (6) Annual Depreciation on equipment is $2,400. (d) Prepare adjusted Trial Balance. (e) Prepare the income statement and owner's equity statement for July, and a classified balance sheet at July 31, 2017. (f) Prepare worksheet. (g) Journalize and post the closing entries, and complete the closing process. Use page J3 for the Journal. (h) Prepare a post-closing trial balance at July 31.