During its first month of operation, the Melvin Plumbing Corporation, which specializes in residential plumbingcompleted the following transactions.July 1Began business by making a deposit in a company bank account of $90,000, in exchangefor 9,000 shares of $10 par value common stock.July 3Paid the current month's rent, $5,500.July 5Paid the premium on a 1-year insurance policy, $4,800400 a monthJuly 7Purchased supplies on account from Little Company, $900.July 10Paid employee salaries, $3,300July 14Purchased equipment from Lake Company, $11,500. Paid $1,500 down and the balance wasplaced on account. Payments will be $500.00 per month for 20 months. The first payment is due 8/Note: Use accounts payable for the balance due.July 15Received cash for plumbing revenue for the first half of July, $7,700July 19Made payment on account to Lake Company, $500.July 31Received cash for plumbing revenue for the last half of July, $8,505July 31Declared and paid cash dividends of $600Prepare journal entries to record the July transactions in the General Journal below.

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 balance
Cash (111)
Revenu
opening bal 90000
5500
7700
4800
8505
3300
total- $16205
1500
600
500
total- $16200
bal- $90,005
Prepaid Insurance (117)
Rent Expe
4800 400 adjusting entry
july 3
$5500
bal- $4400
Supplies (119)
Salaries Exp
900 525 adjusting entry
july 10
$3300
Bal- $375 remaining inventory
Equipment (144)
Insurance Ex
11500
$400
Accumulated Depreciation-Equipment (145)
Supplies Exp
175
$525
Accounts Payable (212)
Depreciation E
July 19
$500
July 14
$10,000
$175
July 7
$900
bal- $10,400
Income Tax Payable (213)
Income Tax E
3,200
3,200

Common Stock (311)
90,000
Retained Ea
600
Dividends (313
July 31
$600

es.
ue (411)
8505
7700
Bal- $16205
ense (511)
pense (512)
xpense (513)
pense (514)
Expense (515)
Expense (516)

arnings (312)
3105
Bal- $2505

Requirement #3:Prepare a trial balance for July in the space below.
Melvin Plumbing Corporation
Trial Balance
July 31
Cash
90,005
Prepaid insurance
4,800
Supplies
900
Equipment
11,500
Accounts Payable
10,400
Common Stock
90,000
Service Revenue
16,205
Rent expense
5,500
Salaries expense
3,300
Dividends
600
116,605
116,605



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- Fall '13
- Balance Sheet, Revenue, Trial Balance, Generally Accepted Accounting Principles, Melvin Plumbing Corporation