At June 30, 2017, the end of its most recent fiscal year, Riverbed Computer Consultants post-closing trial balance was as follows: Debit Credit Cash $ 5,330 Accounts receivable 1,220 Supplies 700 Accounts payable $ 410 Unearned service revenue 1,140 Common stock 3,700 Retained earnings 2,000 $ 7,250 $ 7,250 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Riverbed conducted the following transactions during July 2017, and adjusts its accounts monthly. July 1 Purchased equipment, paying $ 3,600 cash and signing a 2-year note payable for $ 20,400. 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 20,400 shares of common stock for $ 51,000 cash. 3 Paid $ 3,600 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 $ 4,100 per month. 6 Paid $ 3,900 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Riverbed will bill the client, Connor Productions, on the 20th of each month for services performed. 10 Collected $ 1,220 cash on account from Milani Brothers. This client was billed in June when Riverbed performed the service. 13 Performed services for Fitzgerald Enterprises. This client paid $ 1,140 in advance last month. All services relating to this payment are now completed. 14 Paid $ 410 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 $ 12,200 cash in advance for future services to be performed. 18 Paid semi-monthly salaries for $ 11,200. 20 Performed services worth $ 28,600 on account and billed customers. 20 Received a bill for $ 2,200 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 $ 10,200 of revenue from the cash advance received July 16. 27 Received $ 15,300 cash from customers billed on July 20. Adjustment data: 1. Adjustment of prepaid insurance. 2. Adjustment of prepaid rent. 3. Supplies used, $ 1,300. 4. Equipment depreciation, $ 500 per month. 5. Accrual of interest on note payable. 6. Salaries for the second half of July, $ 11,200, to be paid on August 1. 7. Estimated utilities expense for July, $ 820 (invoice will be received in August). 8. Income tax for July, $ 1,220, will be paid in August. Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.)