The opening balances for the month of July are as follows: Account Title Opening Balance Cash 32,000 Accounts Receivable 12,000 Prepaid Insurance 7,000 Furniture 11,000 Accounts Payable 18,500 Lin, Capital 43,500 The Chart of Accounts (GL No.) is shown below: Account Account Description # Account ASSETS Account Description # Cash 101 REVENUE Accounts Receivable 105 Service Revenue 400 Prepaid Insurance 110 Furniture 115 EXPENSES LIABILITIES Insurance Expense 510 Accounts Payable 200 Rent Expense 520 Telephone Expense 530 OWNER'S EQUITY Depreciation Expense 555 Lin, Capital 300 Income Summary 315