Walker Company has just started the operations in July. The company is owned by Franklin Walker. The following transactions have taken place in the first month of operation. Dates July 1 July 1 July 1 July 4 July 5 July 6 July 12 July 15 July 20 July 20 July 31 July 31 July 31 July 31 July 31 Transactions Received cash investment of $650,000 from Frankdin Walker. Purchased two computers for $50,000 for cash. The computers are expected to have useful life of 5 years and salvage value of $1,000. The business uses straight-line depreciation method Rented an office and paid $20,000 for next 6 months Received $10,000 service income in cash from services provided Purchased supplies of $1,000 on credit. The payment will be made on 20 July. Paid advertising expense of $1,500. Provided $6,500 worth of services on account Received cash of $6,000 in advance from ABC. The company will receive the service for the next three months. Paid telephone bill of $220. Paid supplies purchased on 5 July John Walker withdrew $3,000 for his personal use Paid monthly salary to employee of $8,000 Supplies on hand now becomes $200 The company has provided services of $1,200 to ABC The company makes all necessary adjusting entries The chart of accounts is as follows Account no Account name 101 Cash 102 Accounts receivable 103 Supplies 105 Prepaid rent 110 Equipment 111 Accumulated depreciation 201 Accounts payable -205 Unearned revenue 301 Owner's capital 302 Owner's drawings 350 Income Summary 401 Service revenue 501 Salary expense 503 Supply expense 505 Advertisement expense Assessment Brief Version 2:11 October, 2019 507 510 511 Depreciation expense Rent expense Telephone expense Page 2 of S