Question

July 1	Began business by making a deposit in a company bank account of $40,000, in exchange
	for 4,000 shares of $10 par value common stock.
July 3	Paid the current month's rent, $2,500
July 5	Paid the premium on a 1-year insurance policy, $3,600
July 7	Purchased supplies on account from Little Company, $700.
July 10	Paid employee salaries, $2,800
July 14	Purchased equipment from Lake Company, $9,500. Paid $1,500 down and the balance was
	placed on account. Payments will be $500.00 per month for 20 months. The first payment is due 8/1.
	Note: Use accounts payable for the balance due.
July 15	Received cash for preparing tax returns for the first half of July, $6,500
July 19	Made payment on account to Lake Company, $500.
July 31	Received cash for preparing tax returns for the last half of July, $8,250
July 31	Declared and paid cash dividends of $450.

a) One month's insurance has expired.
b) The remaining inventory of supplies is $300.
c) The estimated depreciation on equipment is $125.
d) The estimated income taxes are $2700.

For the numbered transaction i need Journal entries with narration, ledger accounts, trial balance. Then for transactions a,b,c and d i need adjusting journal entries, then adjusted trial balance. Then income statement, statement of retained earnings and balance sheet(july31st). Then closing entries for t account as of july 31st. Thank you

Answer 1