30,2017, the end of its most recent fscal year, Swifty Computer Consultants' post-closing trial balance was as follows Debit Credit $6,170 1,420 810 Cash Accounts receivable Accounts payable Unearned service revenue Common stock Retained earnings $470 1.320 1.200 2,410 $8400 $8,400 on in July New stalf was hired and more financing was obtained Swifty conducted the following transactions during July 2017,and adjunts its accounts mon July 1 Purchased equipment, paying $5,200 cash and signing a 2-year note payable tor $23,600. The equipment has a d-year useful life. The note has a following month 2Issued 23,600 shares of common stock for $59,000 cash Paid $4,200 cash for a 12-month insurance policy effective July 1 3 Paid the frst 2 Uuly and Augus 6 Paid $4.,500 for supplies t2017) months' rent for an annual lease of office space for $4,700 per month. on the terms of a consulting project Swifty will bil he client, Connor Productions, on the 20th of eah month for services performesd in June when Swifty performed the service 10 Collected $1,420 cash on account from Milani Brothers. This client was billed 13 Performed services for Fitzgerald Esterprises. This client paid $1.320 in advance last months All services relating to this paymen 14 Paid $470 cash for a utility bill. This related to June utilities that were accrued at the end of June 16 Met with a new client, Thunder Bay Tech t are now completed Connor Productions, on the 20th of each month for services pertorm 9 Visited client offices and agreed on the terms of a consulting project. Swifty will bill the client, 10 Collected $1,420 cash on account from Milani Brothers This client was billed in June when Swifty performed the service 13 Performed services for Fitzgerald Enterprises. This client paid $1.320 in advance last month. All services relating to this payment are now completed 14 Paid $470 cash for a utility bil. This related to June utilities that were accrued at the end of June. 16 Met with a new client, Thunder Bay Technologies. Received $14.200 cash in advance for future services to be performed 18 Paid semi-monthly salaries for $13,000 20 Performed services worth $33,000 on account and billed customers 20 Received a bill for $2,600 for advertising services received during July. The amount is not due until August 15 23 Performed the first phase of the project for Thunder Bay Technologies. Recognized $11,800 of revenue from the cash advance received July 16 27 Received $17,700 cash from customers billed on July 20 Adjustment data: 1. Adjustment of prepaid insurance 2 Adjustment of prepaid rent. 3 Supplies used, $1,500. 4. Equipment depreciation, $600 per month 5. Accrual of interest on note payable. 6 Salaries for the second half of July, $13,000, to be paid on August 1. 7. Estimated utilities expense for July $940 (invoice will be received in August) 8 Income tax for July, $1.420, will be paid in August Journalize and post adjusting entries for the month ending July 31. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually R in the problem. If no entry is required, select 'No Entry for the account titles and enter O for the amounts) No. Date Account Titles and Explanation Debit Credit 2. 3. 4, 5. 6. Equipment 28,800 28,800 July 1 July 31 Bal. Accumulated Depreciation-Equipment Accounts Payable July 14 470 July 1 Bal. 470 July 20 2,600 Interest Payable Salaries and Wages Payable Income Taxes Payable Unearned Service Revenue 1320 July 1 Bal. 11,800 July 16 July 13 1,320 14,200 2.400 July 23 July 31 Bal. Notes Payable July 1 23,600 July 31 Bal. 23,600 Common Stock July 1 Bal 4,200 July 2 59,000 Retained Earnings July 1 Bal 2.410 Service Revenue July 13 July 20 July 23 July 31 Bal. 1,320 33,000 11,800 46,120 Salaries and Wages Expense July 18 13,000 Rent Expense Advertising Expense July 20 2.600 Supplies Expense Utilities Expense Depreciation Expense Insurance Expense Interest Expense Income Tax Expense List of Accounts