2. Record the July transactions in the journal.

Include an explanation for each entry.

3. Post the journal entries to the T-accounts.

You can use their “Beginning Balance” as of July 1 (or “Ending Balances” as of June 30) (picture 1).
Label the balance of each account Bal.
4. Post the journal entries to General ledger.

Assume the journal entries were recorded on page 5 of the journal.

5. Prepare the trial balance of at July 31.

ACB COMPANY
Income Statement
For the Month Ended July 31, 2023

Revenues

Service Revenue $ 2,400

Expenses
6.Salaries
PrepareExpense
the income statement, statement of owner’s equity and a balance sheet for July using the
ending balance from Trial Balance.
Rent Expense $ 510
Utilities Expense

Total Expense 510

Net Income $ 1890
 ACB COMPANY
Owner’s Equity Statement
For the Month Ended July 31, 2023

Owner’s capital, July 1 $ -0-

Add: Investment $ 16,000

17,890
Net income 1890

17,890
Less: Drawings
1000

Owner’s capital, July 31 $ 16,890

ACB COMPANY
Balance Sheet
July 31, 2023

Assets
Cash $ 15,930
Account Receivable 2,400
Supplies 860
Equipment 3,200
Total Assets $ 22,390
Liabilities and Owner’s Equity
Liabilities

Note Payable 5,500

Owner’s Equity
Owner’s capital 16,890
Total Liabilities and Ownerls Equity $ 22,390