Romero started his own consulting firm, Romero Company, on July 1, 2018. The trial balance at July 31 is shown below. ROMERO COMPANY Trial Balance July 31, 2018 Debit Credit Cash 23,150 Accounts receivable 5,000 Supplies 4,000 Prepaid insurance 3,000 Equipment 13,000 Notes payable 15,000 Accounts payable 7,500 Unearned service revenue 4,000 Owner's capital 18,750 Service revenue 12,900 Salaries and wages 7,000 exnense Rent expense 3,000 $ 58,150 $ 58,150 Other data: 1. Supplies on hand at July 31 are $750. 2. A utility bill for $350 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. $1,200 of unearned service revenue remain unearned. 5. Romero company pays its employees total salaries of $7,250 every Monday for the preceding 5-day week (Monday through Friday). On Monday July 30, employees were paid for the week ending July 27. All employees worked the last 2 days of the month of July 2018 6. The equipment is being depreciated over a 5-year life with no salvage value. 7. Invoices representing $3,200 of services performed during the month have not been recorded as of July 31. 8. Romero company borrowed $15,000 by signing a 7.3%, two-year note on July 11th, 2018. Instructions a. Prepare the adjusting entries for the month of July. b. Prepare the Classified Balance sheet at Dec. 31, 2018