1. Tom Tooey decided to open a consulting company in July 2021. Help Tom record and report the July transactions below. a. Using journal entries record the following transactions of Tooey Consulting, Inc. during July, the first month of operations. Use only the accounts for which T- accounts were provided. July 1 2 23 67235 13 15 17 26 31 $17,900 in cash was raised from selling common stock in the new company. Bought supplies with cash for $960. Purchased equipment for the office for a total price of $3,600. A $600 down payment was made, and the remainder was put on account. Paid July's rent of $2,100. I Received $3,310 for July services provided to cash customers. Billed (by mail) customers for July services provided, $4,620. Paid $1,000 on account. Paid an insurance premium of $4,800 on a policy that will end July 15, 2022. Received $2,620 from customers on account. Paid staff salaries of $3,140. A $1,220 bill from the local electric company, covering the month of July arrived today. 31 31 An inventory of the supply room shows $540 worth was used up. $230 in dividends was paid to stockholders. b. Post the journal entries to the T-accounts provided to calculate the proper ending balance in each account. c. Prepare an unadjusted trial balance in the proper format (with a 3-line heading) for July 31, 2021 in the name of Tooey Consulting, Inc. 2. Using your answers from #1 above, determine the following: a. Net Income (Loss) for the month ended July 31 b. Ending Retained Earnings on July 31 (Hint: Remember, this is the first month of operations for this company).