(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. Don't put any numbers here until you get to (c), below! 6 9 (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() above July 1 $19,100 in cash was raised from selling capital stock in the new company, and was deposited in the company's new bank account 2 Bought supplies for cash, $1,100. 3 Purchased equipment for the office for a total price of $4,400. A 25% down payment was made, and the remainder was put on account. Pald the first month's rent (July) of $3,300. 7 Received $4,190 for July services provided to cash customers. Billed (by mail) customers for July services provided, $5,210. 13 Paid $700 on account. 17 Received $2,605 from customers on account, 26 Pald staff salaries of $4,600, 31 A $1,160 bill from the local electric company, covering the month of July arrived today. It is to be paid next month, by August 10th 31 An inventory of the supply room shows $350 worth remaining. 31 $560 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 and circle the proper ending balance in each account (d) Prepare a trial balance in the proper format (with a 3-line heading) for July 1, 2021 in the rieme of Tooey Consulting, Inc. :56:57 (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. Don't put any numbers here until you get to (c), below! 6 9 (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() above July 1 $19,100 in cash was raised from selling capital stock in the new company, and was deposited in the company's new bank account 2 Bought supplies for cash, $1,100. 3 Purchased equipment for the office for a total price of $4,400. A 25% down payment was made, and the remainder was put on account. Pald the first month's rent (July) of $3,300. 7 Received $4,190 for July services provided to cash customers. Billed (by mail) customers for July services provided, $5,210. 13 Paid $700 on account. 17 Received $2,605 from customers on account, 26 Pald staff salaries of $4,600, 31 A $1,160 bill from the local electric company, covering the month of July arrived today. It is to be paid next month, by August 10th 31 An inventory of the supply room shows $350 worth remaining. 31 $560 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 and circle the proper ending balance in each account (d) Prepare a trial balance in the proper format (with a 3-line heading) for July 1, 2021 in the rieme of Tooey Consulting, Inc. :56:57
