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Required: Prepare journal entries to record the July transactions. Set up the following general ledger accounts using T - accounts, entering the balances brought forward
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Prepare journal entries to record the July transactions.
Set up the following general ledger accounts using accounts, entering the balances brought forward from June : Cash $; Supplies $; Equipment $; Accounts Payable $; Unearned Teaching Revenue $; Tayler Smith, Capital $; Tayler Smith, Withdrawals $; Teaching Revenue $; Wages Expense $; and Rent Expense $
Post the entries to the Taccounts; calculate the ending balance in each account.
Prepare a trial balance at July
Use the trial balance to prepare an income statement and statement of changes in equity for the three months ended July as well as a balance sheet at July
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