During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation completed the following transactions July 1 Began 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. July 3 July 5 July 7 July 10 July 14 Paid the current month's rent, $2,500 Paid the premium on a 1-year insurance policy, $3,600 Purchased supplies on account from Little Company, $700. Paid employee salaries, $2,800 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. July 15 July 19 July 31 July 31 Received cash for preparing tax retums for the first half of July, $6,500 Made payment on account to Lake Company, $500. Received cash for preparing tax retuns for the last half of July, $8,250 Declared and paid cash dividends of $450. Prepare journal entries to record the July transactions in the General Journal below. General Joumal Date Description (Account Name DebitCredit 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) Requirement #3: Prepare a trial balance for July in the space below. Quick Tax Corporation Trial Balance July 31 0 below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of supplies is $300. c) The estimated depreciation on equipment is $125 d) The estimated income taxes are $2700. General Joumal Date Description (Account Name) Debit Credit Requirement #5: Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed