Part 1: Prepare journal entries to record the July transactions in the General Journal below. Remember that Debits must equal CreditsAll of your Journal Entries should balance.

Part 2: Post the July journal entries to the following T-Accounts and compute ending balances.

Part 3: Prepare a trial balance for July in the space below.

Date July 1 July 1 July 1 July 1 July 6 July Transactions Transaction Description Began business by making a deposit in a company bank account of $100,000, in exchange for10,000 shares of $10 par value common stock. Purchased shelves for the store for $16,000 Paid the premium on a l-year insurance policy, $6,000. Paid the current month's store rent expense, $3,000. Bought 1,000 skateboards for $25,000 from ACME Manufacturing Purchased store supplies from Mike's Supply Company on credit for $600.00. Paid telephone bill, $200. Sold 12 skateboards for $600 Made payment to Mikes Supply Company, $300. Sold 140 skateboards for $7,000 Sold 100 skateboards for $5,000 Paid the current month's electric bill, $500. Declared and paid cash dividend $0.10 per share July 8 July 10 July 11 July 18 July 20 July 31 July 31 July 31 Account Type Assets Account Number Account Title Normal Balance 111 117 119 130 144 145 Cash Store Supplies Prepaid Insurance Merchandise Inventory Store Fixtures Accum Dep-Fixtures Debit Debit Debit Debit Debit Credit Liabilities 212 213 Accounts Payable Income Tax Payable Credit Credit Stockholders Equity 311 312 313 Common Stock Retained Earnings Dividends Credit Credit Debit Revenue 411 Sales Revenue Credit Expenses 505 511 512 513 514 515 516 517 Cost of Goods Sold Store Rent Expense Telephone Expense Insurance Expense Supplies Expense Dep Expense Fixtures Income Tax Expense Electric Expense Debit Debit Debit Debit Debit Debit Debit Debit