Question The transactions for July 2022 of a new company, Sally Company, are as follows: 2022 July 1 July 2 July 5 July 20 July 30 Required: (a) (b) Sally Li, the owner, invested $750,000 cash and $3,250,000 photography equipment in the company. The company paid $30,000 cash for an insurance policy covering the next 24 months. The company purchased office supplies for $14,000 cash. The company received $26,500 cash in photography fees earned. The company paid $8,750 cash for July utilities. Post the above transactions to the following T-accounts: (tabular form) Cash; Office Supplies; Prepaid Insurance; Photography Equipment; Sally Li, Capital; Photography Fees Revenue; and Utilities Expense. Prepare a trial balance as at 31 July 2022. (tabular form)

Question The transactions for July 2022 of a new company, Sally Company, are as follows: July 1 Sally Li, the owner, invested $750,000 cash and $3,250,000 photography equipment in the company. July 2 The company paid $30,000 cash for an insurance policy covering the next 24 months. July 5 The company purchased office supplies for $14,000cash. July 20 The company received $26,500 cash in photography fees earned. July 30 The company paid $8,750 cash for July utilities. Required: (a) Post the above transactions to the following T-accounts: (tabular form) Cash; Office Supplies; Prepaid Insurance; Photography Equipment; Sally Li, Capital; Photography Fees Revenue; and Utilities Expense. (b) Prepare a trial balance as at 31 July 2022. (tabular form)