JULY TRANSACTIONS

Prepare and post journal entries to record the July transactions.

During July, Bob Lutz completed these transactions for Lutz Repair Service:

July 1st Paid the monthly rent, $1,700.

July 1. made the monthly payment to Bilbao Company, $1,200.

July 6. Purchased additional repair supplies from Rusin Company on credit for the first half of the month, $3,452.

July 15. Received cash repair revenue for the first half of the month, $3,656.

July 20. Paid cash for an advertisement in the local newspaper, $240.

July 23. Paid Rusin Company on account, $2,400.

July 30. Received cash repair revenue for the last half of the month, $3,268.

July 30. Recorded a withdrawal by owner, $1,200.

9. Prepare the July unadjusted trial balance

Using the following information, record adjusting entries in the general journal and post to the ledger accounts.

a. One months insurance has expired.

b. The inventory of unused repair supplies is $1,652.

c. The estimated depreciation on repair equipment is $280.

10. From the accounts in the ledger, prepare an adjusted trial balance.

11. From the adjusted trial balance, prepare the July income statement, statement of owners equity, and balance sheet.

12. Prepare closing entries.