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Comprehensive Accounting Project

Four friends decide to open a tax consultancy company on July $1$st $2023$

They form a company and name it "Chicago Tax Consultants".

Here are the transactions the company incurs during the month of July:

Monthly rent of the space is $$2000,$ payable on the first dan Avenue.

Company purchases Furniture on account for $$10,000,$ payableach month starting from $\frac{7}{1}$ and company pays it in cash. It is estimated that the furniture will be used for $5$ years, with no salvage value.

Company purchases a laptop for $$1200$ on account to be used exclusively for the company.

$\frac{7}{5}$ Company hires two employees. Total salary cost for the two employees is $$1500$ yith no salvage value.

$10$ company.

Close the books on July $31$ st $2023$ by following below requirements $-$

Requirments $-$

$1$ Prepare joumal entries for all transactions

$2$ Post these joumal entries in $T$ accounts

$3$ Close the T accounts and prepare trial batance

$4$ Prepare the adjusting joumal entries for depreciation on the two assets in the "General Journal sheet

$5$ Post the adjusting journal entries to $T$ accounts

$6$ Close these $T$ accounts and prepare adjusted trial balance

$7$ Prepare Income Statement and Balance Sheet

$8$ Prepare closing joumal entries in 'General Journal' sheet

$9$ Post them to $T$ accounts

o Prepare post$-$closing trial balance