On July 1, 1978, the accounts of the Tampa Manufacturing Company contained the following balances:

Transactions for the month of July are listed below in summary form:
(1) Sales, all on account, were \(\$ 310,000\).

(2) Labor services furnished by employees during the period (but as yet unpaid) amounted to \(\$ 80,000\). All labor is employed in the factory.
(3) Factory supplies were purchased for \(\$ 8,500\); payment was made by check.
(4) Raw materials purchased on account, \(\$ 100,000\).
(5) Collections from customers, \(\$ 335,000\).
(6) Payment of \(\$ 108,000\) was made to raw materials suppliers.
(7) Payments to employees total \(\$ 78,500\).
(8) Rent of the factory building for the month, \(\$ 8,000\), was paid.
(9) Depreciation of manufacturing equipment for the month, \(\$ 12,000\).
(10) Other manufacturing costs incurred and paid, \(\$ 40,000\).
(11) All selling and administrative services are furnished by Clark and Company for \(\$ 10,000\) per month. Their bill was paid by check.
(12) Raw materials used during month, \(\$ 115,000\).
(13) Factory supplies used during month, \(\$ 8,000\).
(14) Cost of goods completed during month, \(\$ 258,000\).
(15) Goods costing \(\$ 261,500\) were shipped to customers during the month.
a Open T-accounts and record the July 1, 1979, amounts. Record transactions (1) through (15) in the T-accounts, opening additional accounts as needed.
b Prepare an adjusted, preclosing trial balance as of July 31, 1979.
c Prepare a combined statement of income and retained earnings for July 1979.
d Enter closing entries in the T-accounts using an Income Summary account.
e Prepare a balance sheet as of July 31, 1979.

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Debit Balances Cash Accounts Receivable Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Factory Supplies Inventory Manufacturing Equipment Total Credit Balances $ 110,000 Accumulated Depreciation 30,000 220,000 Accounts Payable. 56,000 80,000 Wages Payable 24,000 230,000 Capital Stock 1,000,000 170,000 Retained Earnings 200,000 20,000 480,000 $1,310,000 Total... $1,310,000