Okay, I have a case study I need to complete by the end of thisweek but I am stuck. Plus, I need to make sure that I am doing thiscorrectly. It is a layered challenge. I will have to send the studyin pieces because I could not attach the actualdocument.
Requirement #1:
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 companybank account of $60,000, in exchange
for 6,000 shares of $10 par value commonstock.
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 LittleCompany, $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 monthuntil the equipment is paid. The first payment is due8/1.
Note: Use accounts payable for the balancedue.
July 15 Received cash for preparing tax returns for thefirst half of July, $8,000
July 19 Made payment on account to Lake Company,$500.
July 31 Received cash for preparing tax returns for thelast half of July, $9,000
July 31 Declared and paid cash dividends of$600.
Prepare journalentries to record the July transactions in the General Journalbelow. Use the following accountnames for journal entries.
GeneralJournal Chart of Accounts: AccountTitle (Normal Balance)
Date Description(Account Name) Debit Credit
