Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $250. c) The estimated depreciation on repair equipment is $160. d) The estimated income taxes are $95.

Requirement #5: Post the adjusting entries on July 31 below to the General Ledger T-accounts (Step 2) and compute adjusted balances. Just add to the balances that are already listed.