The Accounting Cycle on QB The Drawing Expert, a sole proprietorship, was established on April 1. During the month of April, the owner, Pierre Monet, had the following transactions: The owner, Pierre Monet, invested $20,000 in the business. Paid $13,000 to purchase a delivery van (equipment). Purchased a one-year insurance policy to be consumed evenly over the next 12 months, $4,800. Apr. 1 1 Paid monthly rent of $1,000 4 6 7 8 12 18 24 Billed customer (Mary Wilson) for services provided, $8,600. 30 30 Received prepayment for a contracted job to be performed in May, $4,500. Purchased office supplies on credit from Office Depot, $1,200. Billed customer (John Doe) for services provided, $7,500. Paid to have an ad placed on a billboard during April, $1,300. Paid the amount owed on the office supplies previously purchased on April 7. Received utility bills for the month of April to be paid next month to PSE&G, $740. Owner withdrew $500 for personal use. The Chart of Accounts for the Drawing Expert contains the following accounts: Cash (101); Accounts Receivable (112); Prepaid Insurance (117); Supplies (119); Equipment (144); Accumulated Depreciation-Equipment (145); Accounts Payable (201); Salaries and Wages Payable (210); Unearned Revenue (215);Owner, Capital (301); Owner, Withdrawals (302); Income Summary (315); Service Revenue (401); Rent Expense (511) Advertising Expense (512); Insurance Expense (513); Supplies Expense (514); Depreciation Expense (515); Salaries and Wages Expense (517); Utility Expense (520). Additional Information: a) April depreciation for the delivery van is $217. b) An inventory count of office supplies at April 30 showed $500 of supplies on hand. c) Prepaid insurance has expired. d) Employees' salaries and wages earned during April but to be paid in May, $2,000. Instructions: 1. Journalize and post the March transactions shown above. 2. Journalize and post the above adjustments. Submit a) Adjusted Trial Balance b) Income Statement c) Balance Sheet