Adjustment data:

1.		Adjustment of prepaid insurance.
2.		Adjustment of prepaid rent.
3.		Supplies used, $ 1,400.
4.		Equipment depreciation, $ 550 per month.
5.		Accrual of interest on note payable.
6.		Salaries for the second half of July, $ 12,100, to be paid on August 1.
7.		Estimated utilities expense for July, $ 880 (invoice will be received in August).
8.		Income tax for July, $ 1,320, will be paid in August.

The company underwent a major expansion in July. New staff was hired and more financing was obtained. Concord conducted the following transactions during July 2017, and adjusts its accounts monthly.

July	1		Purchased equipment, paying $ 4,400 cash and signing a 2-year note payable for $ 22,000. The equipment has a 4-year useful life. The note has a 6% interest rate which is payable on the first day of each following month.
	2		Issued 22,000 shares of common stock for $ 55,000 cash.
	3		Paid $ 4,200 cash for a 12-month insurance policy effective July 1.
	3		Paid the first 2 (July and August 2017) months rent for an annual lease of office space for $ 4,400 per month.
	6		Paid $ 4,200 for supplies.
	9		Visited client offices and agreed on the terms of a consulting project. Concord will bill the client, Connor Productions, on the 20th of each month for services performed.
	10		Collected $ 1,320 cash on account from Milani Brothers. This client was billed in June when Concord performed the service.
	13		Performed services for Fitzgerald Enterprises. This client paid $ 1,230 in advance last month. All services relating to this payment are now completed.
	14		Paid $ 440 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 Technologies. Received $ 13,200 cash in advance for future services to be performed.
	18		Paid semi-monthly salaries for $ 12,100.
	20		Performed services worth $ 30,800 on account and billed customers.
	20		Received a bill for $ 2,400 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 $ 11,000 of revenue from the cash advance received July 16.
	27		Received $ 16,500 cash from customers billed on July 20.