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On July 1, 2012, the account balances of Oswald Consultants, Inc. were as follows:
Cash $4,680 Accumulated Depreciation $1,200
Accounts Receivable 4,420 Accounts Payable 3,800
Supplies 5,200 Salaries Payable 1,500
Office equipment 19,000 Common Stock 16,000
Salaries Expense 4,700 Retained Earnings 9,400
Rent Expense 3,000 Service Revenue 9,100
During November the following summary transactions were completed.
Jul. 1 Paid $3,000 for a one year insurance policy.
6 Received $3,100 cash from customers on account.
8 Paid $2,500 for salaries due employees, of which $1,000 is for July.
12 Received $6,300 cash for services performed in July.
15 Purchased office equipment on account $3,700.
22 Paid July rent $1,000.
25 Paid salaries $4,000.
27 Performed services on account and billed customers for services provided $8,000.
29 Paid creditors on account $1,620.
30 Received $1,500 from customers for services to be performed in August.
Adjustment data consists of:
a) Prepare the trial balance at July 1.
b) Prepare and post journal entries for the summary transactions during July.
c) Prepare the trial balance at July 31.
d) Prepare and post the adjusting entries.
e) Prepare the adjusted trial balance at July 31.
f) Prepare an income statement, retained earnings statement, and balance sheet.