debits and credits should equal $74800

A B C D E F G H I 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 busine Bogan business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. 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 12 July 7 Purchased supplies on account from Little Company, $700. 14 July 10 Paid employee salaries, $2,800 16 July 14 Purchased equipment from Lake Company. $9.500. Paid $1,500 down and the balance was 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. 20 July 15 Received cash for preparing tax retums for the first half of July. $6,500 21 22 July 19 Made payment on account to Lake Company, $500. 24 July 31 Received cash for preparing tax retums for the last half of July, $8,250 26 July 31 Declared and paid cash dividends of $450. 29 Prepare journal entries to record the July transactions in the General Journal below. General Joumal Description (Account Name) Debit Date Credit mm OOT Instructions Journal Entries General Ledger Trial Balance Adjustir Ready Prepare journal entries to record the July transactions in the General Journal below. General Joumal Description (Account Name) Debit 2 Date Credit 0 66 01 Note: Remember that debits must equal credits All of your loumal entries should balance Use the following account names for Journal entries. Chart of Accounts: Account Title (Normal Balance) Assets Cash (Debit) Prepaid Insurance (Debit) Supplies (Debit) Equipment (Debit) Accumulated Depreciation - Equipment (Credit) Liabilities Accounts Payable (Credit) Income Tax Payable (Credit) Stockholders' Equity Common Stock (Credit) Retained Eamings (Credit) Dividends (Debit) Revenue Tax Preparation Revenue (Credit) Expenses Rent Expense (Debit) Salaries Expense (Debit) Insurance Expense (Debit) Supplies Expense (Debit) Depreciation Expense (Debit) Income Tax Expense (Debit) Clos Financial Statements Adiusting Entries Adjustod Trial Balance