During its first month of operation, the True Consulting Corporation, which specializes in management consulting,
completed the following transactions.
July 1	Issued 15,000 shares of the company's common stock in exchange for $15,000.
July 3	Purchased a truck for $8,000. A down payment of $3,000 was made, with the balance on account.
July 5	Paid $1,200 to cover rent from July 1 through September 30.
July 7	Purchased $2,000 of supplies on account.
July 10	Billed customers for consulting services performed, $3,700.
July 14	Paid $500 toward the amount owed for the supplies purchased on July 7.
July 15	Paid $1750 in cash for employee wages.
July 19	Collected $1600 in cash from customers that were billed on July 10.
July 21	Received $4,200 cash from customers for services performed.
July 31	Paid $350 in cash for truck repairs.
July 31	Declared and Paid $700 in cash dividends.
Prepare journal entries to record the July transactions in the General Journal below.
			General Journal
Date	Description(Account Name)			Debit	Credit
1-Jul	Cash			15,000
	Common Stock				15,000
3-Jul	Equipment			8,000
	Cash				3,000
	Accounts Payable				5,000
5-Jul	Rent Expense			1,200
	Cash				1,200
7-Jul	Supplies			2,000
	Accounts Payable				2,000
10-Jul	Accounts Receivable			3,700
	Service Revenue				3,700
14-Jul	Accounts Payable			500
	Cash				500
15-Jul	Wages Expense			1,750
	Cash				1,750
19-Jul	Cash			1,600
	Accounts Receivable				1,600
21-Jul	Cash			4,200
	Service Revenue				4,200
31-Jul	Repairs & Maintenance Expense			350
	Cash				350
31-Jul	Dividends			700
	Cash				700
				39,000	39,000
Note: Remember that debits must equal creditsAll of your journal entries should balance.

Post the July journal entries to the following T-accounts and compute ending balances.