Copy of ACCT503 W3 Case Study -Microsof Home Insert Page Layout Formulas Data Re

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Copy of ACCT503 W3 Case Study -Microsof Home Insert Page Layout Formulas Data Review View General Arial a Copy Paste Format Painter Number Alignment Clipboard B41 Salary Expense 1 Requirement #1 2 During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, 3 completed the following transactions Juy1 Began business by making a depost in a companybank account of s40.000 in exchange 8 July 3 Paid the current month's rent, $2,500 10 July 5 Paid the premium on a 1-year insurance policy, $3,600 12 July 7 Purchased supplies on account from Little Company, $700 14 July 10 Paid employee salaries, $2,800 for 4,000 shares of $10 par value common stock 13 15 16 July 14 Purchased equipment from Lake Company. $9,500. Paid $1,500 down and the balance was 17 18 19 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 20 July 15 Received cash for preparing tax returns for the first half of July. $6,500 21 22 July 19 23 Made payment on account to Lake Company, $500 24 July 31 Received cash for preparing tax returns for the last half of July, $8,250 26 July 31 Declared and paid cash dvidends of $450 27 28 29 Prepare journal entries to record the July transactions in the General Journal below. Instructions Journal Entries General Ledger Trai Balance Adjusting EntriesAjustedT Tral Balance Ready O Type here to search

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Cash $ 43,400.00 AR AP $    8,200.00 Off Equip $   9,500.00 Salary $   2,800.00 Rent $   2,500.00 Ofice supplies $       700.00 Insurance $   3,600.00 Common Stock $ 40,000.00 Dividends $       450.00 Revenue $ 14,750.00 $ 62,950.00 $ 62,950.00

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