At June 30, 2017, the end of its most recent fiscal year, Bridgeport Computer Consultants' post-closing trial balance was as follows: Debit Credit Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $4,180 960 550 $320 900 2,900 1,570 $5,690 $5,690 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Bridgeport conducted the following transactions during July 2017, and adjusts its accounts monthly July 1 Purchased equipment, paying $3,200 cash and signing a 2-year note payable for $16,000. 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 16,000 shares of common stock for $40,000 cash 3 Paid $3,000 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 $3,200 per month 6 Paid $3,000 for supplies 9 Visited client offices and agreed on the terms of a consulting project. Bridgeport will bill the client, Connor Productions, on the 20th of each month for services performed 10 Collected $960 cash on account from Milani Brothers. This client was billed in June when Bridgeport performed the service 13 14 16 18 Performed services for Fitzgerald Enterprises. This client paid $900 in advance last month. All services relating to this payment are now completed Paid $320 cash for a utility bill. This related to June utilities that were accrued at the end of June Met with a new client, Thunder Bay Technologies. Received $9,600 cash in advance for future services to be performed Paid semi-monthly salaries for $8,800