Prepare the financial statements for True Consulting Corporation as of July 31 in the space below. You will only be preparing the income statement, statement of retained earnings, and the balance sheet. The statement of cash flows is a required financial statement, but is not required for this case study. Revenues: True Consulting Corporate Balance Sheet Jay 31 Requirement #7: Prepare the financial statements for True Consulting Corporation as of July 31 in the space below. You will only be preparing the income statement, statement of retained earnings, and the balance sheet. The statement of cash flows is a required financial statement, but is not required for this case study. True Consulting Corporation Income Statement For the Month Ending July 21 Service Revenue Rent Expense Wages Expense Repairs & Maintenance Expense Deprecation Expense Income Tax Expense Total Expenses Net Income True Consulting Corporation Statement of Retained Eamings For the Month Ending July 31 Retained Eaming, July 1 Add Net Income Retained Eamings, July 31 Cas Accounts Receivab Supplies Prepaid Rect Equipment Less Accum Depr TA Accounts Payable Income Tax Payale Total Lib Stockholders' Equity Common Rock Retained Earrings Total Stockholders Equity Stockholders Equity Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's rent has expired b) The remaining inventory of supplies is $600. c) The estimated depreciation on equipment is $100. d) The estimated income taxes are $1,200. Date General Journal Description (Account Name) 31-Jul Rent Expense ($1200/3) Prepaid Rent Debit Credit 400 400 31-Jul Supplies Expense ($2000-$600) 1400 Supplies 1,400 31-Jul Depreciation Expense 100 Accumulated Depreciation 100 31-Juncome Taxes Expense 1,200 Income Taxes Payable 1.200 General Joumal Date Description(Account Name) Debit Credit 1-Jul Cash 15,000 Common Stock 15,000 3-Jul Equipment 8,000 Cash 3,000 Accounts Payable 5,000 5-Jul Rent Expense 1.200 Cash 1,200 Prepare a trial balance for July in the space below. True Consulting Corporation Adjusted Trial Balance 7-Jul Supplies 2.000 July 31 Accounts Payable 2.000 True Consulting Corporation Trial Balance July 31 10-Jul Accounts Receivable Service Revenue 3,700 3,700 Cash 13,300 Supples Prepaid Rent 600 800 14-Jul Accounts Payable 500 Cash 500 Cash Supplies Equipment Accounts Payable Common Stock 13,300 Equipment 8,000 2,000 Accumulated Depreciation-Equipment 100 8,000 Accounts Payable 6,500 15-Jul Wages Expense Cash 1,750 1.750 Income Tax Payable 1,200 6,500 Common Stock 15,000 15,000 19-Jul Cash 1.600 Retained Earnings 2,100 Accounts Receivable 1,600 Service Revenue 7,900 Dividends 700 Rent Expense 1,200 Service Revenue 7,900 21-Jul Cash 4.200 Wages Expense 1,750 Wages Expense 1750 Service Revenue 4.200 Repairs & Maintenance Expense 350 Rent Expense 400 Dividends 700 Repairs & Maintenance Expense 350 31-Jul Repairs & Maintenance Expens 350 Net Loss 2,100 Supplies Expense 1400 Cash 350 Depreciation Expense 100 Insurance Tax Expense 1200 31-Jul Dividends 700 Cash 700 30700 30700 29,400 29.400 39,000 39,000