On July $1,2024,$ Bill Jill created a new self$-$help company called Bill Jill Help Company. This company is a Sole Proprietorship compan

occurred during the company's first month:

July $1$ Bill invested $$100,000$ cash, land and buildings worth $$150,000$ and $$75,000$ respectively.

$2$ Rented equipment by paying $$1,000$ for the first month.

$5$ Purchased $$1,100$ of office supplies for cash.

$10$ Paid $$4,200$ for the premium on a one$-$year insurance policy effective July $1.$

$14$ Paid an employee $$1,500$ for two weeks' salary.

$24$ Collected $$12,700$ from customers for services provided in July.

$27$ Collected $$1,400$ on a contract agreement for services from August $1,2024$ to July $31,2025.$

$28$ Paid an employee $$1,500$ for two weeks' salary.

$29$ Paid the month's $$75$ phone bill.

$30$ Repaired a leak in the roof of the buidling for $$500$ on account.

$31$ Bill withdrew $$1,000$ cash from the company for personal use.

The following is the company's chart of accounts:

$101$ Cash $301$ Bill Jill, Capital

$106$ Accounts Receivable $302$ Bill Jill, Withdrawals

$124$ Office Supplies $401$ Revenue

$128$ Prepaid Insurance $606$ Depreciation Expense, Buildings

$170$ Land $622$ Salaries Expense

$173$ Buildings $637$ Insurance Expense

$174$ Accumulated Depreciation, Buildings $640$ Equipment Rental Expense

$201$ Accounts Payable $650$ Office Supplies Expense

$205$ Unearned Revenue $684$ Repairs Expense

$209$ Salaries Payable $688$ Telephone Expense

$901$ Income Summary

D:$\backslash$RRC$\backslash$Online$\backslash$Interm Acctg $18$th CE$\backslash$Admin$\backslash$Assignment Questions$\backslash [$Assignment $1$ q$.$xlsx$]$Assignment $1$

Intermediate Accounting $1-$ Assignment $1$ Appendix A

Question $1(81$ Marks$)$

Required

$1)$ Set up T accounts for the chart of accounts.

$2)$ Prepare journal entries in good form to record the transactions for July and post them to the T accounts.

$3)$ Prepare an unadjusted trial balance as at July $31.$

Additional information:

$-$ A count of the office supplies has determined there is $$700$ worth of supplies on hand on July $31.$

$-$ Depreciation on the building is estimated at $$6,000$ per year.

$-$ The employee has earned $$300$ of unpaid and unrecorded salary.

$-$ The company has earned $$1,300$ of service revenue that has not yet been billed.

$4)$ Prepare any adjusting journal entries required for month end and post them to the T accounts.

$5)$ Prepare an adjusted trial balance as at July $31.$

$6)$

$7)$ Prepare closing journal entries and post them to the T accounts.

$8)$ Complete the post$-$closing trial balance as at July $31$ and finalize your T accounts