ACCT 504 help A Guide to career/uophelp.com ACCT 504 help A Guide to career/uophelp.com | Page 51

completed the following transactions.
July 1 Began business by making a deposit in a company bank account
of $90,000, in exchange for 9,000 shares of $10 par value common stock.
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
Requirement #2:
Post the July journal entries to the following T-accounts and compute
ending balances.
Cash (111)
Revenue (411)
Requirement #3:
Prepare a trial balance for July in the space below.
Melvin Plumbing Corporation
Trial Balance
July 31
Requirement #4:
Prepare adjusting entries using the following information in the General
Journal
below. Show your calculations!
a) One month's insurance has expired.