During its first month of operation the Melvin Plumbing Corporation which

During its first month of operation, the Melvin Plumbing Corporation, which specializes in residential plumbing,completed 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, $4,800July 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 8/1Note: 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 July 1, $90,000 July 3, $5500 July 15, $7700 July 5, $4800 July 31(a), $8505 July 10, $3300 July 14, $1500 July 19, $500 July 31(b), $600 Bal $90,005 Prepaid Insurance (117) Rent Expe July 5, $4,800 $400 July 3, $5,500 Bal $4400 Bal $5,500 Supplies (119) Salaries Exp July 7, $900 $525 July 10, $3,300 Bal $375 Bal $3,300 Equipment (144) Insurance Ex July 14, $11,500 July 5, $400 Bal $11,500 Bal $400 Accumulated Depreciation-Equipment (145) Supplies Exp July 31, $175 July 31, $525 Bal $175 Bal $525 Accounts Payable (212) Depreciation E July 19, $500 July 7, $900 July 31, $175 July 14, $10,000 Bal $10,400 Bal $175 Income Tax Payable (213) Income Tax E July 31, $3200 July 31, $3200 Bal $3200 Bal $3200