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On July $1,2013,$ Lula Plume created a new self$-$storage business, Safe Storage Co$.$ The following

transactions occurred during the company's first month.

July $1$ Plume invested $$30,000$ cash and buildings worth $$150,000$ in the company in

exchange for common stock.

$2$ The company rented equipment by paying $$2,000$ cash for the first month's $($July$)$

rent.

$5$ The company purchased $$2,400$ of office supplies for cash.

$10$ The company paid $$7,200$ cash for the premium on a $12-$month insurance policy.

Coverage begins on July $11.$

$14$ The company paid an employee $$1,000$ cash for two weeks' salary earned.

$24$ The company collected $$9,800$ cash for storage fees from customers.

$28$ The company paid $$1,000$ cash for two weeks' salary earned by an employee.

$29$ The company paid $$950$ cash for minor repairs to a leaking roof.

$30$ The company paid $$400$ cash for this month's telephone bill.

$31$ The company paid $$2,000$ cash for dividends.

The company's chart of accounts follows:

D

Required

Prepare journal entries to record the transactions for July.

Use the following information to journalize and post adjusting entries for the month:

a$.$ Two$-$thirds of one month's insurance coverage has expired.

b$.$ At the end of the month, $$1,525$ of office supplies are still available.

c$.$ This month's depreciation on the buildings is $$1,500.$

d$.$ An employee earned $$100$ of unpaid and unrecorded salary as of month$-$end.

e$.$ The company earned $$1,150$ of storage fees that are not yet billed at

month$-$end.

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