During its first month of operation, the True Consulting Corporation, which specializes in management consulting, completed...

Transcribed Image Text:

During its first month of operation, the True Consulting Corporation, which specializes in management consulting, completed the following transactions. July 1 Issued 15,000 shares of the company's common stock in exchange for $15,000. July 3 Purchased a truck for $8,000. A down payment of $3,000 was made, with the balance on account. July 5 Paid $1,200 to cover rent from July 1 through September 30. July 7 Purchased $2,000 of supplies on account. July 10 Billed customers for consulting services performed, $3,700. July 14 Paid $500 toward the amount owed for the supplies purchased on July 7. July 15 Paid $1750 in cash for employee wages. July 19 Collected $1600 in cash from customers that were billed on July 10. July 21 Received $4,200 cash from customers for services performed. July 31 Paid $350 in cash for truck repairs. July 31 Declared and Paid $700 in cash dividends. Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below. True Consulting Corporation Post-Closing Trial Balance July 31 0 24,800 24,800 During its first month of operation, the True Consulting Corporation, which specializes in management consulting, completed the following transactions. July 1 Issued 15,000 shares of the company's common stock in exchange for $15,000. July 3 Purchased a truck for $8,000. A down payment of $3,000 was made, with the balance on account. July 5 Paid $1,200 to cover rent from July 1 through September 30. July 7 Purchased $2,000 of supplies on account. July 10 Billed customers for consulting services performed, $3,700. July 14 Paid $500 toward the amount owed for the supplies purchased on July 7. July 15 Paid $1750 in cash for employee wages. July 19 Collected $1600 in cash from customers that were billed on July 10. July 21 Received $4,200 cash from customers for services performed. July 31 Paid $350 in cash for truck repairs. July 31 Declared and Paid $700 in cash dividends. Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below. True Consulting Corporation Post-Closing Trial Balance July 31 0 24,800 24,800

Answer rating: 100% (QA)

Here is the postclosing trial balance for True Consulting Corporation as of July 3... View the full answer