On July 1, 2020, Matthew Victor opened a retail postal store. During July, the following transactions were completed:

July 2020

1Matthew invested $30,000 cash in his business, The Mail Shop. In return, he received capital stock.

2Paid $700 for copy supplies

3Purchased office equipment for $1,000 cash.

4Paid $900 for July rent.

7 Paid a premium for $360 for an insurance policy for 24 months on the office equipment, beginning July 1.

8Purchased $500 of copy supplies on account.

14Received $4,500 cash from a customer for postal fees for mailings.

18Completed mailings and sent out bills totaling $2,000 for postal fees.

22Wages earned by employees for the pay period July 5 through July 19 was $250. On this date, the wages were recorded for the July 5-19 pay period, but will not be paid to the employees until July 31.

23Paid creditors on account, $200

26 Received cash from customers on account, $800

31Declared and paid cash dividends of $200.

Additional information as of July 31, 2020:

a)A physical count shows copy supplies on hand total $300.

b)The depreciation on office equipment for the month of July is $25.

Hint: There are three adjusting entries for the month of July.

Required: Prepare the transaction and adjusting entries for the month of July using one of the following methods: traditional journal entry (debit/credit) method or columnar (spreadsheet) accounting equation method. Prepare an income statement and balance sheet, in proper form, for the month of July 2020.

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