Requirement #1 : completed the following transactions July 1 Began business by making a deposit in a company bank account of $40,000, in exchange Quick Tax Corporation, which specializes in tax preparation. July 3 July 5 July 7 July 10 July 14 for 4,000 shares of $10 par value common stock. Paid the current month's rent, $2,500 Paid the premium on a 1-year insurance policy, $3,600 Purchased supplies on account from Little Company, S700. Paid employee salaries, $2,800 Purchased equipment from Lake Company, $9,500. Paid $1,500 down and the balance was placed on account. Payments will be S500.00 per month for 20 months. The first payment is due 8/1. Note: Use accounts payable for the balance due July 15 July 19 July 31 July 31 Received cash for preparing tax returns for the first half of July, $6,500 Made payment on account to Lake Company, $500 Received cash for preparing tax returns for the last half of July, $8,250 Declared and paid cash dividends of S450