Prepare journal entries to record the July transactions in the General Journal below. Using accounts at bottom

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
July 19	Made payment on account to Lake Company, $500.
July 31	Received cash for preparing tax returns for the last half of July, $9,000
July 31	Declared and paid cash dividends of $600.

Use the following account names for journal entries.
Chart of Accounts: Account Title (Normal Balance)
Assets
	Cash (Debit)
	Prepaid Insurance (Debit)
	Supplies (Debit)
	Equipment (Debit)
	Accumulated Depreciation - Equipment (Credit)
Liabilities
	Accounts Payable (Credit)
	Income Tax Payable (Credit)
Stockholders' Equity
	Common Stock (Credit)
	Retained Earnings (Credit)
	Dividends (Debit)
Revenue
	Tax Preparation Revenue (Credit)
Expenses
	Rent Expense (Debit)
	Salaries Expense (Debit)
	Insurance Expense (Debit)
	Supplies Expense (Debit)
	Depreciation Expense (Debit)
	Income Tax Expense (Debit)
Clearning Account
	Income Summary