The highlighted areas show the question I had. Can you please verify my July T-Account please

Print this page to use for your journal entries. Only accounts on this page can be used. Asset Accounts Liability Accounts Equity Accounts Acct # Acct # 201 Common Stock 202 Dividends 301 302 203 204 Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Office Supplies Accounts Receivable Accumulated Depreciation Merchandise Inventory Acct # 101 Notes Payable 102 Accounts Payable 103 Wages Payable 104 Interest Payable 105 106 107 108 109 Revenue Accounts Bakery Sales Merchandise Sales Acct # 401 402 This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you. Expense Accounts Acct # Baking Supplies Expense Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Interest Expense Depreciation Expense Office Supplies Expense Cost of Goods Sold Date Accounts 1-Jul Cash Common Stock Debit 10 000 00 Credit 10,000.00 6,500.00 1-Jul Baking Supplies Accounts Payable 6.500.00 10,000.00 3-Jul Cash Notes Payable 10,000.00 Prepaid Rent-We have two things going on in this transaction. You're paying first and last month's rent so you want to record an expense for the first month. Check out similar example transactions in the text to help with that. The last month's rent is the only prepaid amount. See the nearby example transaction in the text how to handle prepaid rent. Only 12 of the $3,000 was expensed and the other half was paid 7-Jul in advance. Rent Expense Prepaid Rent Cash 1,500.00 1,500.00 3,000.00 375.00 10-Jul Business License Expense Cash 375.00 11-Jul Miscellaneous Expense Cash 250.00 250.00 6.000.00 13-Jul Equipment Common Stock 6,000.00 200.00 13-Jul Advertising Expense Cash 200.00 Office Supplies Expense (Office Supply - Please use the exact account title in chart of 14-Jul accounts) Cash 300.00 300.00 - 15-Jul No journal entry required No journal entry required 75.00 30-Jul Telephone Expense Accounts Payable 75.00 2.400.00 31-Jul Prepaid Insurance Cash 2.400.00 31 Jul Wages Expense 120.00 Wages Payable 120.00 31-Jul Cash Accounts receivable Bakery Sales 10,000.00 5,000.00 15,000.00 Total 54,220.00 54.220.00 date date 1-Jul 3-Jul Cash 10,000.00 10,000.00 1,500.00 375.00 250.00 200.00 300.00 2,400.00 7-Jul 10-Jul 11-Jul 13-Jul 14-Jul 31-Jul 31-Jul 120.00 120.00 5-Aug 8-Aug 3,800.00 75.00 10-Aug 18-Aug 3,000.00 1,500.00 8,500.00 480.00 300.00 15-Aug 20-Aug 20-Aug 22-Aug 31-Aug 12,500.00 1-Sep 10,000.00 420.00 60.00 5-Sep 7-Sep 8-Sep 4,000.00 75.00 5,000.00 456.00 10-Sep 13-Sep 15-Sep 15-Sep 68.00 20-Sep 456.00 122.00 1,500.00 20-Sep 24-Sep 153.00 151.25 30-Sep 30-Sep 14,000.00 34,240.25 57,641.00 23,400.75 Balance