July 3 Paid the current months rent 5500 July 5 Paid the premium on a 1 year

July 3 paid the current months rent 5500 july 5 paid

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July 3 Paid the current month's rent, $5,500. July 5 Paid the premium on a 1-year insurance policy, $4,800 July 7 Purchased supplies on account from Little Company, $900. July 10 Paid employee salaries, $3,300 July 14 Purchased equipment from Lake Company, $11,500. 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 plumbing revenue for the first half of July, $7,700 July 19 Made payment on account to Lake Company, $500. July 31 Received cash for plumbing revenue for the last half of July, $8,505 July 31 Declared and paid cash dividends of $600 Prepare journal entries to record the July transactions in the General Journal below. General Journal Date Description(Account Name) Debit Credit 1-Jul Cash 90,000 Common Stock 90,000 Issued stock to owner.
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3-Jul Rent Expense 5,500 Cash 5,500 Paid Rent Expense. 5-Jul Prepaid Insurance 4,800 Cash 4,800 Paid Prepaid Insurance. 7-Jul Suplies 900 Account payable 900 Purchase Supplies on account. 10-Jul Salary Expense 3,300 Cash 3,300 Paid Salary Expense. 14-Jul Equipment 11,500
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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. Cash (111) Revenue (411) July 1 90,000 Jul 3 5,500 Jul-15 7,700 July 15 7,700 Jul 5 4,800 July-31 8,505 Jul 31 8,505 Jul 10 3300 Jul-14 1500 Bal 16,205 Jul-19 500 Jul-31 600 Bal 90,005 Prepaid Insurance (117) Rent Expense (511) Jul-5 4,800 Jul-31 400 Jul-13 5,500 (Adj) Bal 4,800 Adj Bal 4,400 Bal 5,500 Supplies (119) Salaries Expense (512) Jul-7 900 Jul-31 375 July-10 3,300 (Adj) Bal 900 Adj Bal 525 Bal 3,300 Equipment (144) Insurance Expense (513) Jul 14 11,500 Jul-31 400 (Adj) Bal 11,500 Adj Bal 400
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Accumulated Depreciation-Equipment (145) Supplies Expense (514) Jul-31 375 (Adj) Bal 375 Accounts Payable (212) Depreciation Expense (515) Jul 19 500 Jul 7 900 Jul-31 150 Jul 14 10000 (Adj) Bal 10400 Adj Bal 150 Income Tax Payable (213) Income Tax Expense (516) Common Stock (311) Jul-1 90,000 Retained Earnings (312) Bal 90,000 Dividends (313 July 31 600 Bal 600
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Requirement #3: Prepare a trial balance for July in the space below. Melvin Plumbing Corporation Trial Balance July 31 Melvin Plumbing Corporation Trial Balance July 31 Account Debit Credit Cash 90,005 Supplies 900 Prepaid Insurance 4,800 Equipment 11,500 Account Payable 10,400 Common Stock 90,000 Revenue 16,205 Rent Expense 5,500 Accumulated Dep- Equ Dep Exp Salaries Expense 3,300 Supply Expense Income Tax Expense Income Tax Payable Insurance Expense Dividends 600 116,605 116,605
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Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of supplies is $375. c) The estimated depreciation on equipment is $175. d) The estimated income taxes are $3,200. General Journal Date Description (Account Name) Debit Credit 5-Jul Insurance Expense 4,400 Supllies Expense 525 Depreciation of Equipment 11,325 Income Tax Payable 3,200 Requirement #5: Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances.
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