Requirement #1: During its first month of operation, the Melvin Plumbing Corporation, which specializes in residential plumbing, completed the following transactions. July 1 Began business by making a deposit in a company bank account of $90,000, in exchange for 9,000 shares of $10 par value common stock.

July 3 Paid the current month's rent, $5,500.

July 5 Paid the premium on a 1-year insurance policy, $4,800

July 7 Purchased supplies on account from Little Company, $900.

July 10 Paid employee salaries, $3,300

July 14 Purchased equipment from Lake Company, $11,500. Paid $1,500 down and the balance was placed on account. Payments will be $500.00 per month for 20 months. The first payment is due 8/1. Note: Use accounts payable for the balance due.

July 15 Received cash for plumbing revenue for the first half of July, $7,700

July 19 Made payment on account to Lake Company, $500.

July 31 Received cash for plumbing revenue for the last half of July, $8,505

July 31 Declared and paid cash dividends of $600

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

			General Journal
Date	Description-Account			Debit	Credit
				0	0
				Debit Equals $133,305	Credit Equals $133,305

Use the following account names for journal entries. General Journal Chart of Accounts: Account Title (Normal Balance) Date Description(Account Name) Debit Credit Assets Cash (Debit) Prepaid Insurance (Debit) Supplies (Debit) Equipment (Debit) Accumulated Depreciation - Equipment (Credit) Liabilities Accounts Payable (Credit) Income Tax Payable (Credit) Stockholders' Equity Common Stock (Credit) Retained Earnings (Credit) Dividends (Debit) Revenue Revenue (Credit) Expenses Rent Expense (Debit) Salaries Expense (Debit) Insurance Expense (Debit) Supplies Expense (Debit) Depreciation Expense (Debit) Income Tax Expense (Debit) 0 0 Note: Remember that debits must equal creditsAll of your journal entries should balance.