journal entries,T-accounts,Financial Statements,Ajusted Trail balance, Post-Closing trail balance

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Trial Balance 27 . Total 28 $47,000$47,000 During july 2022. Good Times Adventures experienced the following transactions: 32 33 1. Jul 1-Purchased a oneyear insurance policy for $4,800($400 per month) for the period 7/1/226/30/23 34 2.jul 1 - Provided 560,000 of services to customers, of which $49,000 was on account. Record this as a compound joumal entry. 35 3. Jul2-Collected on accounts recevable, 518,000 . 36 4. Jul 5 - issued shares of common stock in exchange for cash, $6,000 37. 5. Jul 8 - Paid the accounts payable balance 38 6.) 415 -A customer prepaid 522,000 for services, the service is to be completed during Sept. 39 7. Jul 17 - Purchased office supplies on account, $1,200 40 8. Jul 20 - Pald the following expenses in cash. Record as a compound journal entry. a. Property Taxes, $8,500 b. Repairs and Maintenance, $13,000 9. Jul 25 - Paid $300 to a local newspaper for advertising to appear immediately for an upcoming event that Good Times Adventures is hosting 10.jul 26 - Paid 51,800 for advertising on account; the advertising will run in October 45 11. Jul 31 - Paid a cash dividend to the shareholders of $2,900 46 12. jul 31 - Obtained a 530,000 note (loan) from a bank. The loan is due in three years, and charges 6% interest. 47 48 The compary also made several adjustments to their accounts on july 31, as follows: 49 50 1. There was $2.000 of alfice supplies on hand at the end of the month 51. 2. Accrued salaries of 533,000 52 3. One month of the insurance policy purchased on july 1 has expired 53 4. Recorded depreciation on the equipment, 51,800 54 55 Required: 12. jul 31 - Obtained a 530,000 note (loan) from a bank. The loan is due in three years, and charges 6% interest. The company also made several adjustments to their accounts on july 31 , as follows: 1. There was $2,000 of office supplies on hand at the end of the month 2. Accrued salaries of $33,000 3. One month of the insurance policy purchased on july 1 has expired 4. Recorded depreciation on the equipment, $1,800 Required: 1. Record the month's transactions in journal format 2. Post the transactions to T-accounts 3. Record the adjustments (adjusting entres) in joumal format 60 4. Post the adjustments to T-accounts to determine the adjusted account balances label these as 'Adj' by the T-accounts 61. 5. Prepare an Adjusted Trial Balance 62 6. Prepare an Income Statement, Statement of Retained Eamings, and Balance Sheet for july 63. 7. Prepare closing entries in journal format and post to T-accounts; date each entry as jul 31; label these as "Clos" by the T-accoints; Be sure ta show End Balances far each account 64 8. Prepare a Post-closing Trial Balance Journal - j cording Transactions (Put one account on each line; Do not skip rows between entries)