Requirement #4: Prepare adjusting entries using the following information in the General Journal a) One month's rent has expired b) The remaining inventory of supplies is $600. c) The estimated depreciation on equipment is $100. d) The estimated income taxes are $1,200. Requirement #5: Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed.

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. Use the following account names for journal entries. Chart of Accounts \begin{tabular}{|l|l|l|} \hline Category & Account Title & Normal Balance \\ \hline Assets & & \\ \hline & Cash & Debit \\ \hline & Accounts Receivable & Debit \\ \hline & Supplies & Debit \\ \hline & Prepaid Rent & Debit \\ \hline & Equipment & Debit \\ \hline & Accumulated Depreciation - Equipment Credit \\ \hline \end{tabular} Liabilities \begin{tabular}{|l|l} \hline Accounts Payable & Credit \\ \hline Income Tax Payable & Credit \\ \hline \end{tabular} Stockholders' Equity \begin{tabular}{|l|l|} \hline Common Stock & Credit \\ \hline Retained Earnings & Credit \\ \hline Dividends & Debit \\ \hline \end{tabular} Revenue Service Revenue Credit Expenses \begin{tabular}{|l|l} \hline Rent Expense & Debit \\ \hline Wages Expense & Debit \\ \hline Repairs \& Maintenance Expense & Debit \\ \hline Supplies Expense & Debit \\ \hline Depreciation Expense & Debit \\ \hline Income Tax Expense & Debit \\ \hline \end{tabular} Clearing Account Income Summary