(a) Tom Tooey decided to open a consulting company in July 2021. Set up T-accounts for the following 12 accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Capital Stock; Dividends; Service Revenue; Salary Expense; Utility Expense; Supply Expense; and Rent Expense. Dont put any numbers here until you get to (c), below!

(b) Using journal entries record the following transactions of Tooey Consulting, Inc. during July, the first month of operations. Make sure you use only the accounts listed in part (a), above.

July 1 $17,900 in cash was raised from selling capital stock in the new company.

2 Bought supplies for cash, $960.

3 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.

6 Paid the first month's rent (July) of $2,100.

7 Received $3,310 for July services provided to cash customers.

9 Billed (by mail) customers for July services provided, $4,620.

13 Paid $1,000 on account.

17 Received $2,620 from customers on account.

26 Paid staff salaries of $3,140.

31 A $1,220 bill from the local electric company, covering the month of July arrived today.

31 An inventory of the supply room shows $540 worth was used up.

31 $230 in dividends was paid to stockholders.

(c) Post the journal entries to the T-accounts set up in (a) above. Total the T-accounts and find the proper ending balance in each account.

(d) Prepare a trial balance in the proper format (with a 3-line heading) for July 31, 2021 in the name of Tooey Consulting, Inc.

Using your answers from Problem 1 determine the following:

1) Net Income at July 31

2) Ending Retained Earnings at July 31

You must show the full calculation for each of the above. Do not produce financial statement(s)