I'm stuck at #7,8,9,10. Any help is appreciated!

AD Requirement #1: 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. Paid the current month's rent, $3,500 July 5 Paid the premium on a 1-year insurance policy, $4,200 2 July 7 Purchased supplies on account from Little Company, $1,000 July 10 Paid employee salaries, $3,500 3 July 14 Purchased equipment from Lake Company. S10,000. 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. ml July 15 Received cash for preparing tax returns for the first half of July, $8,000 2 July 19 Made payment on account to Lake Company, $500. 4 July 31 Received cash for preparing tax returns for the last half of July. $9,000 5 July 31 Declared and paid cash dividends of $600. - Prepare journal entries to record the July transactions in the General Journal below. Use the following account names for journal entries. Chart of Accounts: Account Title (Normal Balance) Credit 2 Date 3 July 1 General Journal Description(Account Name) Debit Cash S 60,000 Common Stock Assets $ 60,000 July 3 $ 3,500 Rent Expense Cash Cash (Debit) Prepaid Insurance (Debit) Supplies (Debit) Equipment (Debit) Accumulated Depreciation - Equipment (Credit) $ 3,500 July 5 Prepaid Insurance Cash $ 4,200 $ 4,200 Liabilities Accounts Payable (Credit) Income Tax Payable (Credit) 2 July 7 1,000 Supplies Accounts Payable S 1,000 5 July 10 Salaries Expense Cash $ 3,500 $ 3,500 Stockholders' Equity Common Stock (Credit) Retained Earnings (Credit) Dividends (Debit) 3 July 14 $ 10,000 Equipment Cash Accounts Payable $ $ 2,500 7,500 Revenue Tax Preparation Revenue (Credit) July 15 8,000 Cash Tax Preparation Revenue S 8,000 5 July 19 $ 500 Accounts Payable Cash Expenses Rent Expense (Debit) Salaries Expense (Debit) Insurance Expense (Debit) Supplies Expense (Debit) Depreciation Expense (Debit) Income Tax Expense (Debit) 500 3 July 31 9,000 Cash Tax Preparation Revenue S 9,000 1 July 31 Dividends 600 Cash S 600 $ 100,300 $ 100,300 7 Note: Remember that debits must equal creditsAll of your journal entries should balance. mm Requirement #3: Prepare a trial balance for July in the space below. Quick Tax Corporation Trial Balance July 31 $ 77,000 $ 14,800 17,000 Cash Tax Preparation Revenue Prepaid Insurance Rent Expense Supplies Equipment Salaries Expense Accounts Payable Common Stock Dividends 4,200 3,500 1.000 10,000 3,500 500 $ 8,500 60,000 600 100,300 $ 100,300 E B Requirement #4: Prepare 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. Debit Credit Date July 31 General Journal Description (Account Name Insurance Expense Prepaid Insurance 350 350 lllllll July 31 600 Supplies Expense Supplies 600 July 31 $ 125 Depreciation Expense Accumulated Depreciation-Equipment 125 July 31 3,000 Income Tax Expense Income Tax Payable 3,000 Requirement #6: Prepare an adjusted trial balance in the space below. Quick Tax Corporation Adjusted Trial Balance July 31 350 350 600 600 0 Insurance Expense 1 Prepaid Insurance 2 Supplies Expense 3 Supplies 4 Depreciation Expense 5 Accumulated Depreciation-Equipment 6 Income Tax Expense 7 Income Tax Payable $ 125 $ 125 $ 3,000 $ 3,000 9 St CON979 4,075 $ 4.075 A 1 Requirement #7: 3 Prepare the financial statements for the Quick Tax Corporation as of July 31 in the space below. 4 You will only be preparing the income statement, statement of retained earnings, and the balance sheet. 5 The statement of cash flows is a required financial statement, but is not required for this case study. mmo Quick Tax Corporation Income Statement For the Month Ending July 31 Quick Tax Corporation Statement of Retained Earnings For the Month Ending July 31 Quick Tax Corporation Balance Sheet July 31 1 Revenues: 2 Revenue Retained Earnings, July 1 Add: Net Income Subtotal Less: Dividends Retained Earnings, July 31 Assets: Cash Supplies Prepaid Insurance Equipment Less: Accum. Depr. Total Assets 4 Expenses: 5 Rent Expense 6 Salaries Expense 7 Insurance Expense & Supplies Expense 9 Depreciation Expense 20 Income Tax Expense 21 Total Expenses 3 Net Income Liabilities: Accounts Payable Income Tax Payable Total Liabilities Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and | Stockholders' Equity ON=066 1 Requirement #8: 3 Prepare the closing entries at July 31 in the General Journal below. von General Journal Description (Account Name) 8 Date Debit Credit 26 Requirement #9: 28 Post the closing entries to the General Ledger T-accounts and compute ending balances. 29 Just add to the adjusted balances already listed. Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below. Quick Tax Corporation Post-Closing Trial Balance July 31 ONION monimit