On 1 July 2021, Cynthia started her own business consultancy services: New Beginnings Consultancy. The transactions of the firm for the month of July 2021 were:

July 1 Received $200,000 cash from Ralph to start the business

July 2 Bought computer equipment from John Company for $12,000, paying by cash. (cheque no. 001)

July 3 Bought office supplies from Peter Company (Invoice no. V001) for $5,000 on credit

July 8 Earned $150,000 gross services income from Mr. Y (Invoice no. C001), receiving two-thirds of the gross fee in cash

July 12 Earned $25,000 gross services income from Mr. W, receiving the sum in cash

July 15 Paid sundry expenses of $5,200 in cash to ABC Company (cheque no. 002)

July 19 Paid office rent of $55,000 in cash to Mr. Raymond Leung (cheque no. 003)

July 22 Ralph withdrew $20,000 cash (use drawings account) for personal use (cheque no. 004)

July 24 Received $25,000 cash from Ralph (who had just won a lottery)

July 24 Paid $1,000 to Peter Company in cash (cheque no. 005)

On July 31, all office supplies had been used up and depreciation expense of $2,000 is to be provided on computer equipment for July 2021.

Required:

1. Journalize all transactions in July 202 Use the following account titles:

Equipment at Cost; Equipment Accumulated Depreciation; Bank Account; Trade Receivables; Office Supplies; Accounts Payable; Capital; Drawings; Retained Earnings; Service Revenue; Income Summary; Office Supplies Expense; Depreciation Expense; Rent Expense; Sundry Expenses.

2. Prepare the unadjusted trial balance for the month ended on July 31, 2021.
3. Prepare the necessary adjusting entries for July and post to ledger accounts.
4. Prepare the adjusted trial balance for the month ended on July 31, 2021.
5. Prepare the Income Statement
6. Prepare the Balance Sheet
7. Prepare closing entries and post to ledger accounts.
8. Prepare a post-closing trial balance as at July 31, 2021.

Assumption: ALL cash transactions pass through the BANK account. The credit terms for both trade receivables and accounts payable are net/30.