Please help, I just need the remaining T- accounts and their end balances. Thank you! will upvote!
Requirement #1: During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. July 1 Began business by making a deposit in a company bank account of $60,000, in exchange for 6,000 shares of $10 par value common stock. July 3 Paid the current month's rent, $3,500 July 5 Paid the premium on a 1-year insurance policy, $4,200 July 7 Purchased supplies on account from Little Company, $1,000. July 10 Paid employee salaries, $3,500 July 14 Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 8/1. Note: Use accounts payable for the balance due. July 15 Received cash for preparing tax returns for the first half of July, $8,000 Made payment on account to Lake Company, $500. July 19 July 31 Received cash for preparing tax returns for the last half of July, $9,000 Declared and paid cash dividends of $600. July 31 Prepare journal entries to record the July transactions in tre General Journal below. Use the following account names for journal entries. Prepare journal entries to record the July transactions in the Generall Journal below. Use the following account names for journal entries. General Journal Description(Account Name) Debit Chart of Accounts: Account Title (Normal Balance) Date Credit Assets 1-Jul 60,000 Cash Common stock 60,000 Cash (Debit) Prepaid Insurance (Debit) Supplies (Debit) Equipment (Debit) Accumulated Depreciation - Equipment (Credit) 3-Jul Rent Expense Cash 3,500 3,500 5-Jul Prepaid insurance Cash 4,200 4,200 Liabilities Accounts Payable (Credit) Income Tax Payable (Credit) 7-Jul 1,000 Supplies Accounts Payable 1,000 Stockholders' Equity Common Stock (Credit) Retained Earnings (Credit) Dividends (Debit) 10-Jul Salaries Cash 3,500 3,500 14-Jul 10,000 Revenue Equipment Cash Account payable 2,500 7,500 Tax Preparation Revenue (Credit) 15-Jul 8,000 Cash Tax Preperation Revenue 8,000 Expenses Rent Expense (Debit) Salaries Expense (Debit) Insurance Expense (Debit) Supplies Expense (Debit) Depreciation Expense (Debit) Income Tax Expense (Debit) 19-Jul 500 Accounts Payable Cash 500 31-Jul 9,000 Cash Tax preperation Revenue 9,000 31-Jul 600 Dividends Cash 600 100,300 100,300 Note: Remember that debits must equal creditsAll of your journal entries should balance. This Sheet will be used for Requirements 2, 5, and 9. Requirement #2: Post the July journal entries to the following T-accounts and compute ending balances. Cash (111) 60,000 Tax Preparation Revenue 8,000 9,000 15-Jul 31-Jul 3,500 4,200 3,500 2,500 1-Jul 3-Jul 5-Jul 10-Jul 14-Jul 15-Jul 19-Jul 31-Jul 31-Jul 8,000 BAL 17,000 500 9,000 600 BAL 62,200 Prepaid Insurance (117) 4,200 Rent Expense (511) 3,500 3-Jul 5-Jul 31-Jul 350 BAL 3,850 Supplies (119) 1,000 BAL 3,500 Salaries Expense (512) 7-Jul 3,500 10-Jul BAL 1000 BAL 3500 Equipment (144) 10,000 Insurance Expense (513) 350 14-Jul 31-Jul BAL 10,000 Accumulated Depreciation-Equipment (145) Supplies Expense (514) 31-Jul 31 Jul Accounts Payable (212) Depreciation Expense (515) 31-Jul 7-Jul 14-Jul 19-Jul Income Tax Payable (213) Income Tax Expense (516) 31-Jul 31-Jul Common Stock (311) 1-Jul Retained Earnings (312) 31-Jul Dividende 12-13
