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. True Consulting Corporation Income Statement For the Month Ending July 31 Revenues Service Revenue Expenses: Rent Expense Wages Expense Repairs and Maintenance Expense Supplies Expense Depreciation Expense Income Tax Expense Total Expenses Net Income Retained Earnings, July 1 Add Net income Sub Total Less Dividend Retained Earnings July 31 Assets Cash Account Receivable Supplies Prepaid Rent Equipment Less Accumulated Depreciation Total Assets Liabilities Accounts Payable Income Tax Payable Total Liabilities Shareholders' Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities & Stockholders' Equity 400 1,750 350 1,400 100 1,200 True Consulting Corporation Statement of Retained Earnings For the Month Ending July 31 True Consulting Corporation Balance sheet Jul-31 0 2,700 2,700 700 8,000 100 7,900 5,200 2,700 2,000 13,300 2,100 600 800 7,900 24,700 6,500 1,200 7,700 15,000 2,000 17,000 24,700 Prepare the closing entries at July 31 in the General Journal below. General Journal Description (Account Name) Debit Date Credit Requirement #9: Post the closing entries to the General Ledger T-accounts and compute ending balances. Just add to the adjusted balances already listed. Prepare a post-closing trial balance as of July 31 in the space below. True Consulting Corporation Post-Closing Trial Balance July 31