Transactions: During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping. (Set your business starting day as 1st July 2021) . July 1 Began business by making a deposit in a company bank account of $72,000, in exchange for 7,200 shares of $10 par value common stock. July 1 Purchased the premium on a 1-year insurance policy, $3,300. July 7 Purchased supplies on account from Parkview Company, $900. July 9 Performed landscaping service for Lily's Garden, invoiced the customer for $4,896 July 10 Paid employee salaries, $2,200. July 14 Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance was placed on account payable. Instalment payments will be $375.00 per month for 20 months. The first payment is due 1st Oct. July 15 Received cash from Lily's Garden, $4,896. July 19 Made payment on account to Parkview Company, $450. July 22 Completed a landscaping job and received cash payment, $5,304. July 31 Paid the current month's rent, $4,500. July 31 Declared and paid cash dividend of $1,000. . . Adjusting Entries All adjusting entries occurred on 31st July 2021. a) One month's insurance has expired. b) The remaining inventory of supplies is $475. c) The estimated depreciation on equipment is $150. d) The estimated income taxes are $795. Use the following account names for journal entries. Chart of Accounts: Account Title (set all existing balance as 0) Assets Cash Account Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation -Equipment (Note: Contra Asset) Liabilities Accounts Payable Income Tax Payable Stockholders' Equity Common Stock Retained Earnings Dividends (Note: it normally has a debit balance) Revenue Landscaping Revenue Revenue Landscaping Revenue Expenses Rent Expense Salaries Expense Insurance Expense Supplies Expense Depreciation Expense Income Tax Expense Clearing Account Income Summary (or Profit/Loss Summary)