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The following accounts were prepared for McRann Auto Repairs Corporation during the first month of operation ending July 31, 2015. No journal entries were prepared in support of the amounts recorded in the ledger accounts.
Required:
- Reconstruct the transactions that occurred during the month and prepare journal entries to record them, including descriptions and account numbers.
- Calculate the balance in each general ledger T-account.
- Prepare a trial balance at July 31, 2015. Ensure total debits equal total credits.
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