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Prepare journal entries to record the July transactions in the General Journal below. Date 1-Jul 1-Jul 3-Jul 3-Jul 5-Jul 5-Jul 7-Jul 7-Jul 10-Jul 10-Jul 14-Jul
Prepare journal entries to record the July transactions in the General Journal below. Date 1-Jul 1-Jul 3-Jul 3-Jul 5-Jul 5-Jul 7-Jul 7-Jul 10-Jul 10-Jul 14-Jul 14-Jul 14-Jul 15-Jul 15-Jul 19-Jul 19-Jul 31-Jul 31-Jul 31-Jul 31-Jul General Journal Description (Account Name) Debit Credit Cash 60,000 Common Stock 60,000 Rent Expenses 3,500 Cash 3,500 Prepaid Insurance 4,200 Cash 4,200 Supplies 1,000 Accounts Payable 1,000 Salary Expense 3,500 Cash 3,500 Equipment 10,000 Accounts payable 7,500 Cash 2,500 Cash 8,000 Tax Preparation Revenue 8,000 Accounts payable Cash 500 Cash 9,000 Tax Preparation Revenue 9,000 Dividends 600 Cash 600 500 100,300 100,300 Note: Remember that debits must equal credits-All 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) Tax Preparation Revenue Prepaid Insurance (117) Rent Expense (511) Supplies (119) Salaries Expense (512) Equipment (144) Insurance Expense (513) Accumulated Depreciation-Equipment (145) Supplies Expense (514) Accounts Payable (212) Depreciation Expense (515) Income Tax Payable (213) Income Tax Expense (516) Common Stock (311) Retained Earnings (312) Dividends (313
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