Western Supplies Ltd.'s general ledger at their July 31, 2018 year-end included the following account balances before adjusting journal entries: 1 $ 80.000 400,000 Note Payable, Short-Term Accounts Payable Current Portion of Long-Term Debt Payable Interest Payable Salaries Payable Employee Withholdings Payable Employee Payroll Costs Payable Employee Insurance Benefits Payable Estimated Vacation Pay Liability GST Payable Property Tax Payable Unearned Service Revenue Long-Term Debt Payable 8,000 5,000 10,000 24.000 400.000 The following information is related to selected transactions of Western Supplies Ltd. This information will be used by the company to prepare adjusting journal entries at July 31, 2018. a. On August 31, 2017, Western Supplies Ltd. signed a 2%, 1-year, S 80,000 note payable. b. The $ 400,000 long-term debt was payable in annual instalments of $ 50,000, with the next instalment due March 31, 2019. On that date, Western Supplies Ltd. would also pay 1 year's interest at 4%. Interest was last paid on March 31, 2018 6 Gross salaries for the last payroll of the fiscal year were $ 30,000. Of this amount, employee withholdings were $ 5,000, and salaries payable was $ 25,000 d. Employer payroll costs were $ 4,000, and Western Supplies Ltd.'s liability for employee life Insurance was S 500 e Western Supplies Ltd. estimated that vacation pay is 5% of gross salaries, which was $ 450,000. Note that the $ 450,000 included the last payroll of the fiscal year. t. On April 01. 2018, Western Supplies Ltd. collected 1 years' service contract revenue, paid in advance, worth $ 24,000. It will earn the revenus evenly throughout the year. & At July 31, 2018, Western Supplies Ltd. was the defendant in a $ 300,000 lawsuit, which Western Supplies Ltd. expected to win. However, the outcome was uncertain. Required: 1. Open T-accounts for the listed accounts, inserting their unadjusted July 31, 2018 balances. 2. Post the July 31, 2018 adjusting journal entries to the accounts opened. Round all amounts to the nearest dollar. Use months (as opposed to actual days) in your calculations for the adjusting journal entries. Note Payable, Short-Term Bal. Current Portion of Long- Term Debt Payable Accounts Payable Bal. Bal. Interest Payable Salaries Payable Employee Withholdings Payable Bal. Bal. Bal. Employer Payroll Costs Payable Employee Insurance Benefits Payable Estimated Vacation Pay Liability Bal. Bal. Bal. Bal. GST Payable Bal. Property Tax Payable Bal. Unearned Service Revenue Bal. Bal. Long-Term Debt Payable Bal