In: Accounting
REQUIREMENT 2, 5 & 9
Okay, I have a case study I need to complete by the end of this week but I am stuck. Plus, I need to make sure that I am doing this correctly. It is a layered challenge. I will have to send the study in pieces because I could not attach the actual document.
This Sheet will be used for Requirements 2, 5, and
9.
Requirement #2:
Post the July journal entries to the following T-accounts and
compute ending balances.
Requirement 5—Post Adjusting Entries to the General
Ledger
Requirement 9—Post Closing Entries to the General
Ledger
During its first month of operation, the Quick Tax Corporation,
which specializes in tax preparation,
completed the following transactions.
July 1 Began business by making a deposit in a company
bank account of $60,000, in exchange
for 6,000 shares of $10 par value common
stock.
July 3 Paid the current month's rent,
$3,500
July 5 Paid the premium on a 1-year insurance policy,
$4,200
July 7 Purchased supplies on account from Little
Company, $1,000.
July 10 Paid employee salaries, $3,500
July 14 Purchased equipment from Lake Company, $10,000.
Paid $2,500 down and the balance was
placed on account. Payments will be $500.00 per month
until the equipment is paid. 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, $8,000
July 19 Made payment on account to Lake Company,
$500.
July 31 Received cash for preparing tax returns for the
last half of July, $9,000
July 31 Declared and paid cash dividends of
$600.