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 forpreparing tax returns for the last half of July, $9,000 July 31 Declared and paid cash dividends of $600.

This Sheet will be used for Requirements 2, 5, and 9. Requirement #2: Post the July journal entries to the following T-accounts and compute ending balances. Cash (111) Tax Preparation Revenue Prepaid Insurance (117) Rent Expense (511) Supplies (119) Salaries Expense (512) Equipment (144) Insurance Expense (513) Accumulated Depreciation-Equipment (145) Supplies Expense (514) Accounts Payable (212) Depreciation Expense (515) Income Tax Payable (213) Income Tax Expense (516) Common Stock (311) Retained Earnings (312) Dividends (313

Prepare a adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of supplies is $400. c) The estimated depreciation on equipment is $125. d) The estimated income taxes are $3,000. General Journal 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.