Requirement #1: I During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. Ju Began business by making a deposit in a company bank account of $60,000, in exchange for 6.000 shares of $10 par value common stock. Paid the current month's rent, $3,500 Paid the premium on a 1-year insurance policy, $4,200 Purchased supplies on account from Little Company, $1,000. Paid employee salaries, $3,500 Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 811. Note: Use accounts payable lorthe balance due. Received cash for preparing tax returns for the first half of July, $8.000 Made payment on account to Lake Company, $500. Received cash for preparing tax returns for the last hall of July, $9.000 Declared and paid cash dividends of $600. Prepare journal entries to record the July transactions in the General Journal below. General Journal Cash Common Stock Rent Expense Cash Prepaid Insurance Cash Supplies Accounts Payable Salary Expense Cash Equipment Accounts Payable Cash Journal Entries Use the following account names for journal entries. Chart of Accounts: Account Title (Normal Balance) 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) Equipment (144) Insurance Expense (513) 7/14. 10,000 10,000 Accumulated Depreciation-Equipment (145) Supplies Expense (514) Accounts Payable (212) Depreciation Expense (515) 7/7. 1,000 7/19 500 7/14. 7,500 Income Tax Payable (213) Income Tax Expense (516) Common Stock (311) Retained Earnings (312) Dividends (313 7/31. 600 Income Summary Instructions Journal Entries General Ledger Trial Balance Adjusting Entries Adjusted Trial Balance Fin