Four friends decide to open a tax consultancy company on July $1$st $2023.$

They form a company and name it "Chicago Tax Consultants".

Here are the transactions the company incurs during the month of July:

$7/1$ Owners invest cash $$15,000$ each in the Company against common stock.

$7/1$ Company signs a $2-$year lease to rent a space on Michigan Avenue.

Monthly rent of the space is $$2000,$ payable on the first day of each month starting from $7/1$ and company pays it in cash.

$7/1$ Company purchases Furniture on account for $$10,000,$ payable in $45$ days.

It is estimated that the furniture will be used for $5$ years, with no salvage value.

$7/1$ Company purchases a laptop for $$1200$ on account to be used exclusively for the company.

Payment for the computer is due in $45$ days. Estimated life of the laptop is $3$ years with no salvage value.

$7/5$ Company hires two employees. Total salary cost for the two employees is $$1500$ a month, payable at the end of

the month.

$7/10$ Company earns revenue of $$5000$ and the client pays in cash.

Close the books on July $31$st $2023$ by following below requirements $-$

Requirments $-$

Prepare journal entries for all transactions

Post these journal entries in T accounts

Close the T accounts and prepare trial balance

Prepare the adjusting journal entries for depreciation on the two assets in the 'General Journal' sheet

Post the adjusting journal entries to T accounts

Close these T accounts and prepare adjusted trial balance

Prepare Income Statement and Balance Sheet

Prepare closing journal entries in 'General Journal' sheet

Post them to T accounts

Prepare post$-$closing trial balance