Lee Management Consulting had the following post-closing trial balance at June 30, 2016. Also shown are the account numbers for each account including the revenue and expense accounts.

Consider the July 2016 transactions for Lee Management Consulting that are shown below that were presented in Chapter 6. Cost of goods sold, which was calculated using the moving-weighted-average-cost method in a perpetual inventory system, is shown in brackets after each sale.
Jul. 2 Completed a consulting engagement and received cash of $7,200.
2 Prepaid three months' office rent $9,000.
7 Purchased 100 units of software inventory on account, $1,900, plus owed the manufacturer freight-in of $100.
16 Paid employee salary, $2,000. (Note previous year-end accrual of $500.) 18 Sold 70 software units on account, $3,100 (cost, $1,400).
19 Consulted with a client for a fee of $900 on account.
21 Paid on account, $2,000, for the July 7 purchase.
22 Purchased 200 units of software inventory on account, $4,600.
24 Paid utilities, $300 cash.
28 Sold 100 units of software for cash, $4,000 (cost, $2,261).
31 Recorded the following adjusting entries:
Accrued salary expense, $1,000
Prepaid rent used, $3,000
Amortization of office furniture, $167, and of equipment, $42
Physical count of inventory, 120 units, $2,713
Required
1. Open three-column ledger accounts for all the accounts listed in the June 30, 2016, postclosing trial balance, and for the withdrawals, revenue, and expense accounts listed below it. Use the account numbers shown. Insert the June 30, 2016, balances as the opening balances for July 1, 2016.
2. Journalize the July 2016 transactions in the following special journals: cash receipts journal (Page 1), cash payments journal (Page 1), sales journal (Page 1), purchases journal (Page 1), and general journal (Page 6). Total each special journal at July 31, 2016.
3. Post the special journals totals to the three-column ledger accounts using the special journal posting references used in this chapter.
4. Prepare a trial balance in the Trial Balance columns of a worksheet. Record the July 31, 2016, adjusting entries on the worksheet, then complete the Adjusted Trial Balance columns of the worksheet for the month ended July 31, 2016.
5. Journalize and post the adjusting entries. Explanations are not required.

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LEE MANAGEMENT CONSULTING Post-Closing Trial Balance June 30, 2016 Cash Accounts receivable Inventory Supplies 101 102 103 104 105 Prepaid rent 110 Equipment 115 Accumulated amortization-equipment 120 125 201 202 205 301 $23,750 1,900 0 100 0 1,000 $42 Furniture 5,000 167 5,000 500 1,200 24,841 $31,750 Accumulated amortization-furniture payable Salary payable Unearned revenue Michael Lee, capital Total Michael Lee, withdrawals Service revenue Sales revenue Cost of goods sold Rent expense Utilities expense Salary expense Amortization expense-equipment Amortization expense-furniture Supplies expense $31,750 302 401 402 501 511 513 515 521 522 530