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 $60,000, in exchange for 6,000 shares of $10 par value common stock. July 3 Paid the current month's rent, $3,500 July 5 Paid the premium on a 1-year insurance policy, $4,200 July 7 Purchased supplies on account from Little Company, $1,000. July 10 Paid employee salaries, $3,500 July 14 Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 8/1. Note: Use accounts payable for the balance due. July 15 Received cash for preparing tax returns for the first half of July, $8,000 July 19 Made payment on account to Lake Company, $500. July 31 Received cash for preparing tax returns for the last half of July, $9,000 July 31 Declared and paid cash dividends of $600.

Requirement 1Prepare the Journal Entries in the General Journal

Requirement 2Post Journal Entries to the General Ledger

Requirement 3Prepare a Trial Balance

Requirement 4Prepare the Adjusting Entries

Requirement 5Post Adjusting Entries to the General Ledger

Requirement 6Prepare an Adjusted Trial Balance

Requirement 7Prepare the Financial Statements

Requirement 8Prepare the Closing Entries

Requirement 9Post Closing Entries to the General Ledger

Requirement 10Prepare the Post Closing Trial Balance