Requirement #$1$:

During its first month of operation, the True Consulting Corporation, which specializes in management consulting,

completed the following transactions.

July $1$ Issued $15,000$ shares of the company's common stock in exchange for $$15,000.$

July $3$ Purchased a truck for $$8,000.$ A down payment of $$3,000$ was made, with the balance on account.

July $5$ Paid $$1,200$ to cover rent from July $1$ through September $30.$

July $7$ Purchased $$2,000$ of supplies on account.

July $10$ Billed customers for consulting services performed, $$3,700.$

July $14$ Paid $$500$ toward the amount owed for the supplies purchased on July $7.$

July $15$ Paid $$1750$ in cash for employee wages.

July $19$ Collected $$1600$ in cash from customers that were billed on July $10.$

July $21$ Received $$4,200$ cash from customers for services performed.

July $31$ Paid $$350$ in cash for truck repairs.

July $31$ Declared and Paid $$700$ in cash dividends.

Prepare journal entries to record the July transactions in the General Journal below.

Use the following account names for journal entries.This Sheet will be used for Requirements $2,5,$ and $9.$

Requirement #$2$:

Post the July journal entries to the following T$-$accounts and compute ending balances.

Cash

Accounts Receivable

Supplies

Prepaid Rent

Service Revenue

Rent Expense

Wages Expense

Repairs & Maintenance ExpenseAccounts Payable

Income Tax Payable

Common Stock

Income Summary

Dividends