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.

Bonus: Prepare an income statement and balance sheet for the month of July on EXCEL. You must begin by listing all accounts and their balances (or prepare an adjusted trial balance) in EXCEL.

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