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The Swifty Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2021: Debit Credit Cash 4,400 6,670 1,150 14,700 $ 6,160 Accounts receivable Supplies Equipment Accumulated depreciation-equipment Deferred revenue Common shares Retained earnings Totals 2,450 4,800 13,510 $ 26,920 $ 26,920 During the month of July, the following selected transactions took place: July 2 Paid $1,540 for two months' rent in advance for July and August. July 2 7 14 Paid $1,540 for two months' rent in advance for July and August. Purchased $220 of supplies on account. Collected half of outstanding accounts receivable. Borrowed $1,000 from the bank for one year at an interest rate of 5%. Received $1,080 cash from a customer for services to be performed in August. Performed $1,360 of services to a customer on account. 15 21 28 Additional information: 1. 2. 3. 4. At July 31, the company had performed $800 of services for a client that it had not billed or recorded. Recorded rent expense for the month. Supplies on hand at July 31 were $510. The equipment has a five-year useful life and uses straight-line depreciation. Interest is due on the bank loan on the first day of each following month, beginning August 1. As at July 31, the company owed $2,430 of salaries to its employees for the month just ended. As at July 31, the company had earned $2,030 of revenue that had been paid in advance. 5. 6. 7. Record the July transactions. (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit e Textbook and Media Prepare adjusting entries at July 31, assuming the company prepares adjusting entries monthly (List all debit entries before credit entries Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to 0 decimal places, eg. 5,275.) Date Account Titles and Explanation July Accounts Receivable Debit Credit 840 Service Revenue (To record adjusting entry for services provided but not billed) July 31 Rent Expense 720 Prepaid Rent 720 (To record adjusting entry for rent expense for the month paid in advance July Supplies Expense 880 supplies To record adjusting entry for supplies expense) 880 July 31 Depreciation Expense 255 Acimated Desreciation Equipment To record depreciation expense) 255 33 5. To record interest expense accrued but not paid) 5. 12310 Ses Barbie To record salaries owed to sployees) 21 2070 Service Revenue (To record revenue paid in advance) Dome