At June 30, 2017, the end of its most recent fiscal year, Primrose Comp Consultants post-closing trial balance was as follows:

		Debit		Credit
Cash		$5,860
Accounts receivable		1,340
Supplies		770
Accounts payable				$450
Unearned service revenue				1,250
Common stock				4,000
Retained earnings				2,270
		$7,970		$7,970

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

July	1		Purchased equipment, paying $4,000 cash and signing a 2-year note payable for $22,400. 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 22,400 shares of common stock for $56,000 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 $4,500 per month.
	6		Paid $4,300 for supplies.
	9		Visited client offices and agreed on the terms of a consulting project. Culver will bill the client, Connor Productions, on the 20th of each month for services performed.
	10		Collected $1,340 cash on account from Milani Brothers. This client was billed in June when Culver performed the service.
	13		Performed services for Fitzgerald Enterprises. This client paid $1,250 in advance last month. All services relating to this payment are now completed.
	14		Paid $450 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 $13,400 cash in advance for future services to be performed.
	18		Paid semi-monthly salaries for $12,300.
	20		Performed services worth $31,400 on account and billed customers.
	20		Received a bill for $2,500 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 $11,200 of revenue from the cash advance received July 16.
	27		Received $16,800 cash from customers billed on July 20.

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, $12,300, to be paid on August 1.
7.		Estimated utilities expense for July, $900 (invoice will be received in August).
8.		Income tax for July, $1,340, will be paid in August

*Journalize July Transactions**