Ted Ng began Ng's English School on May 1, 2014. The following activities occurred during July, the

Question:

Ted Ng began Ng's English School on May 1, 2014. The following activities occurred during July, the third month of operations:
July 1 Purchased supplies on account; $100.
2 Collected $4,000 for August teaching fees.
3 Collected $2,000 for July teaching fees.
4 Paid July rent of $3,000.
5 Paid $500 for supplies purchased on account last month.
15 Ted Ng withdrew cash of $500 for personal use.
20 Paid wages of $1,300.
31 Purchased a new chair on account; $300.

Required
1. Prepare General Journal entries to record the July transactions.
2. Set up the following T-accounts, entering the balances brought forward from June 30, 2014: Cash (101) $6,000; Supplies (126) $950; Furniture (161) $8,000; (201) $1,500; Unearned Teaching Revenue (233) $9,800; Ted Ng, Capital (301) $3,000; Ted Ng, Withdrawals (302) $13,000; Teaching Revenue (401) $46,000; Wages Expense (623) $26,350; and Rent Expense (640) $6,000.
3. Post the entries to the accounts; calculate the ending balance in each account.
4. Prepare a trial balance at July 31, 2014.
5. Use the trial balance to prepare an income statement and statement of changes in equity for the three months ended July 31, 2014, as well as a at July 31, 2014. Accounts Payable
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