July 1 Began business by making a deposit in a company bank account of $90,000, in exchange

for 9,000 shares of $10 par value common stock.

July 3 Paid the current month's rent, $5,500.

July 5 Paid the premium on a 1-year insurance policy, $4,800

July 7 Purchased supplies on account from Little Company, $900.

July 10 Paid employee salaries, $3,300

July 14 Purchased equipment from Lake Company, $11,500. Paid $1,500 down and the balance was

placed on account. Payments will be $500.00 per month for 20 months. The first payment is due 8/1.

Note: Use accounts payable for the balance due.

July 15 Received cash for plumbing revenue for the first half of July, $7,700

July 19 Made payment on account to Lake Company, $500.

July 31 Received cash for plumbing revenue for the last half of July, $8,505

July 31 Declared and paid cash dividends of $600

Use the following account names for journal entries.

Requirement 1Prepare the Journal Entries in the General Journal

Requirement 2Post Journal Entries to the General Ledger

Requirement 3Prepare a Trial Balance

Requirement 4Prepare the Adjusting Entries

a) One month's insurance has expired

b) The remaining inventory of supplies is $375.

c) The estimated depreciation on equipment is $175.

d) The estimated income taxes are $3,200.

Requirement 5Post Adjusting Entries to the General Ledger

Requirement 6Prepare an Adjusted Trial Balance

Requirement 7Prepare the Financial Statements

Requirement 8Prepare the Closing Entries

Requirement 9Post Closing Entries to the General Ledger

Requirement 10Prepare the Post Closing Trial Balance

During its first month of operation, the Melvin Plumbing Corporation, which specializes in residential plumbing, completed the following transactions

Chart of Accounts: Account Title (Normal Balance)

Assets

Cash (Debit)

Prepaid Insurance (Debit)

Supplies (Debit)

Equipment (Debit)

Accumulated Depreciation - Equipment (Credit)

Liabilities

Accounts Payable (Credit)

Income Tax Payable (Credit)

Stockholders' Equity

Common Stock (Credit)

Retained Earnings (Credit)

Dividends (Debit)

Revenue

Revenue (Credit)

Expenses

Rent Expense (Debit)

Salaries Expense (Debit)

Insurance Expense (Debit)

Supplies Expense (Debit)

Depreciation Expense (Debit)

Income Tax Expense (Debit)