Snap App designs tailor-made mobile reservation applications for hotel chains. Its balance sheet at the end of June 2016 is shown below, along with its chart of accounts.

Snap App Balance Sheet As at June 30, 2016 Assets Liabilities Cash $7,580 Accounts Payable $15,800 Accounts Receivable 6,000 Unearned Revenue 6,200 Prepaid Insurance 1,800 Bank Loan 22,000 Equipment 55,000 Total Liabilities 44,000Owner's Equity Stone, Capital 26,380 Total Assets $70,380 Total Liabilities and Owner's Equity $70,380

Account Description Account #

ASSETS Cash 101 Accounts Receivable 105 Prepaid Insurance 110 Equipment 120 Accumulated DepreciationEquipment 125

LIABILITIES Accounts Payable 200 Interest Payable 205 Salary Payable 210 Unearned Revenue 215 Bank Loan 220

OWNER'S EQUITY Stone, Capital 300 Stone, Drawings 310 Income Summary 315

Account Description Account #

REVENUE Service Revenue 400

EXPENSES Advertising Expense 500 Depreciation Expense 510 Insurance Expense 515 Interest Expense 520 Salaries Expense 545 Telephone Expense 550 For the month of July 2016, Snap App had the following transactions.

Jul 1 The owner invested $8,000 cash into the business. Jul 2 Received $2,530 cash for work that will be provided in August. Jul 5 Received an advertising bill for $600 which will be paid next month. Jul 8 Paid the $350 telephone bill with cash. Jul 10 Provided $4,680 worth of services to customers who will pay later. Jul 14 Purchased equipment with $8,200 cash. Jul 20 Received $2,350 in payment from customers paying their account. Jul 22 Paid $1,970 toward accounts payable. Jul 24 Paid $1,300 toward bank loan principal. Jul 28 Paid salary of $2,400 to an employee. Jul 30 The owner withdrew $2,200 cash for personal use.

At the end of July, the following adjustments had to be journalized to properly report the balances of the company's accounts.

Jul 31 One month of prepaid insurance worth $100 has been used. Jul 31 Monthly depreciation on the equipment was $450. Jul 31 Unearned revenue worth $620 has now been earned. Jul 31 Interest of $75 has accrued on the bank loan. Jul 31 Accrued salary expense of $500 for an employee.

Note: Of the remaining balance of the bank loan, $5,000 will be paid within the next year.

Enter opening balances in the ledgers located at the end of the question.