Adjusting entries

Copy of ACCTS03 W3 Case Study- Micro |Home Insert Page Layout Formulas Data Review View Cut Arial General a Copy Clipboard Font Alignment Salary Expense 841 1 Requirement #1 2 During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, 3 completed the following transactions 5 July 1 Began business by making a deposit in a company bank account of $40,000, in exchange 8 July 3 Paid the current month's rent, $2,500 10 July 5 Paid the premium on a 1-year insurance policy, $3,600 for 4,000 shares of $10 par value common stock 12 July 7 13 Purchased supplies on account from Little Company, $700 14 July 10 Paid employee sallaries, $2,800 16 July 14 Purchased equipment from Lake Company, $9,500. Paid $1,500 down and the balance was 17 18 19 20 July 15 Received cash for preparing tax returns for the first half of July, $6,500 placed on account. Payments will be $500.00 per month for 20 months. The first payment is due 8/1 Note: Use accounts payable for the balance due 22 July 19 23 Made payment on account to Lake Company, $500 4 July 31 Received cash for preparing tax retuns for the last half of July, $8,250 26 July 31 Declared and paid cash dividends of $450 28 29 Prepare journal entries to record the July transactions in the General Journal below. 30 HInstructions Journal General Ledger Trai Balance Adusting EntriesAdjusted Tral Balance Ready O Type here to search