Requirement #6:
Prepare an adjusted trial balance in the space below. (This part is completed, use this data to complete the rest of the requirements)
Quick Tax Corporation
Adjusted Trial Balance
July 31
	Debit	Credit
Cash	$ 43,400.00
Prepaid Insurance	$ 3,600.00
Supplies	$ 700.00
Equipment	$ 9,500.00
Account Payable		$ 8,200.00
Common Stock		$ 40,000.00
Dividend	$ 450.00
Tax Preparation Revenue		$ 14,750.00
Store Rent Expense	$ 2,500.00
Salaries Expense	$ 2,800.00
Depreciation Expenses Equipment	$ 125.00
Accumulated Deprec. Equipment		$ 125.00
Income Tax Expense	$ 2,700.00
Income Tax Payable		$ 2,700.00
	$ 65,775.00	$ 65,775.00

Requirement #7:
Prepare the financial statements for the Quick Tax Corporation as of July 31 in the space below.
You will only be preparing the income statement, statement of retained earnings, and the balance sheet.
The statement of cash flows is a required financial statement, but is not required for this case study.
Quick Tax Corporation				Quick Tax Corporation			Quick Tax Corporation
Income Statement				Statement of Retained Earnings			Balance Sheet
For the Month Ending July 31				For the Month Ending July 31			July 31
Revenues:				Retained Earnings, July 1			Assets:
Revenue				Add: Net Income			Cash
				Subtotal			Supplies
Expenses:				Less: Dividends			Prepaid Insurance
Rent Expense				Retained Earnings, July 31	$ 5,475		Equipment
Salaries Expense							Less: Accum. Depr.
Insurance Expense							Total Assets		56,375
Supplies Expense
Depreciation Expense							Liabilities:
Income Tax Expense							Accounts Payable
Total Expenses							Income Tax Payable
							Total Liabilities
Net Income		$ 5,925					Stockholders' Equity:
							Common Stock
							Retained Earnings
							Total Stockholders' Equity
							Total Liabilities and
							Stockholders' Equity		$ 56,375

Requirement #8:

Prepare the closing entries at July 31 in the General Journal below.

General Journal

Date

Description (Account Name)

Debit

Credit

Requirement #9:

Post the closing entries to the General Ledger T-accounts and compute ending balances.

Just add to the adjusted balances already listed.

Requirement #10:
Prepare a post-closing trial balance as of July 31 in the space below.
Quick Tax Corporation
Post-Closing Trial Balance
July 31
	$ 56,500.00	$ 56,500.00