\begin{tabular}{|c|c|c|c|c|c|c|} \hline ACCOUNT & & Rent Exp & & & ACCOUNT No. & 512 \\ \hline & & & & & \multicolumn{2}{|c|}{ BALANCE } \\ \hline DATE & ITEM & POST.REF. & DEBIT & CREDIT & DEBIT & CREDIT \\ \hline \multicolumn{7}{|l|}{20} \\ \hline & & J1 & & & & \\ \hline \end{tabular} Journalize the following transactions for the month of July: July 1K. Elliot deposited $10,000 in the bank in the name of the business (Elliot Company). 2 The business paid the monthly office rent, $500. 3 The business purchased office equipment on account, $1,500. 5 The business received consulting fees of, $750. 18 The business paid the monthly telephone bill, $75. 25K. Elliot withdrew $200 for personal use. 30 The business purchased supplies for $1,000, paying $500 in cash and the rest on account. For a compound transaction, If an amount box does not require an entry, leave it blank. \begin{tabular}{|cccccc|} \hline & Equipment & ACCOUNT NO. & B 24 \\ \hline ACCOUNT & ITEM & POST.REF. & DEBIT & CREDIT & DEBIT \\ \hline DATE & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline ACCOUNT & \multicolumn{3}{|c|}{ Accounts Payable } & & ACCOUNT NO. & 221 \\ \hline & & & & & \multicolumn{2}{|c|}{ BALANCE } \\ \hline DATE & ITEM & POST.REF. & DEBIT & CREDIT & DEBIT & CREDIT \\ \hline \multicolumn{7}{|l|}{20} \\ \hline - & & 31 & & & & \\ \hline & & J1 & & & & \\ \hline \end{tabular} \begin{tabular}{|ccccc|} \hline ACCOUNT & K. Elliot, Capital & ACCOUNT NO. & B11 \\ \hline DATE & ITEM & POST.REF. & DEBIT & CREDIT \\ \hline 20 & & & \\ \hline \end{tabular} \begin{tabular}{|cccccc|} \hline ACCOUNT & K. Elliot, Drawing & ACCOUNT NO. & B12 \\ \hline & & & & & \\ \hline \end{tabular} July 5 Received cash for consulting services July 18 Paid telephone bill for July July 25 Withdrawal for personal use July 30 Purchased office supplies The trial balance consists of a listing of account balances in two columns-one labeled Debit and one labeled Credit. The balances come from the ledger accounts. The Debits should equal the Credits. LO3 Prepare a trial balance from the ledger accounts in Step 3. If an amount box does not require an entry, leave it blank. STEP 1. Write the date of the transaction in the account's Date column. STEP 2. Write the amount of the transaction in the Debit or Credit column and enter the new balance in the Balance columns under Debit or Credit. STEP 3. Write the page number of the journal in the Post. Ref. column of the ledger account. STEP 4. Record the ledger account number in the Post. Ref. column of the journal. GENERAL LEDGER GENERAL JOURNAL Post the journal entries from Step 2 to the following general ledger accounts: Post the journal entries from Step 2 to the following general ledger accounts: If an amount box does not require an entry, leave it blank