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