At June 30, 2018, the end of its most recent fiscal year, River Consultants Ltd.'s post-closing trial balance was as follows: Credit Cash Debit $15,900 1,100 600 Accounts receivable Supplies Accounts payable Income tax payable Unearned revenue Common shares Retained earnings $500 500 1,200 3,200 12,200 $17,600 $17,600 The company underwent a major expansion in July. New staff was hired and more financing was obtained. River conducted the following transactions during July 2018. July 3 Issued $9,700 of common shares for cash. 4 Purchased insurance coverage for a year, $3,720. 5 Paid the first two (July and August 2018) months' rent for an annual lease of office space for $4,100 per month. (Hint: Use the Prepaid Rent account.) 6 Purchased $4,100 of supplies for cash. 6 Purchased equipment, paying $3,600 cash and signing a two-year bank loan for $20,400. The equipment has a four-year useful life. The bank loan has a 6% interest rate, which is payable on the first day of each following month. 10 Visited client offices and agreed on the terms of a consulting project. River will invoice the client, Connor Productions Ltd., on the 19th of each month for work performed. 12 Collected $1,100 on account from Milani Brothers Ltd. This client was invoiced in June when the service was provided. 13 Completed services for Mactaquac Inc. This client paid $1,200 in advance last month. All services relating to this payment are now completed. (Hint: Use the Fees Earned account.) 16 Paid salaries for the first half of the month, $10,400 17 Paid a utility bill of $500. This related to June utilities that were accrued at the end of June. 18 Met with a new client, Bay Technologies. Received $12,300 cash in advance for future work to be performed. 19 Invoiced Connor Productions for $29,200 of consulting fees provided on account. (Hint: Use the Fees Earned account.) 20 Received an invoice for legal advice, $2,400. The amount is not due until August 20. (Hint: Use the Professional Fees Expense account.) 23 Completed the first phase of the project for Bay Technologies Ltd. Recognized $9,700 of revenue from the cash advance previously received (see July 18 transaction). 25 Paid $500 income tax payable owing at the end of June, in addition to $1,300 for the July income tax instalment. 27 Received $16,100 cash from Connor Productions in partial payment of the invoice issued on July 19. 30 Declared and paid a $4,500 dividend. (d) River Consultants records adjustments monthly. Adjustment data for the month of July are as follows: 1. Expiry of insurance coverage (see July 4 transaction) 2. Adjustment of prepaid rent (see July 5 transaction) 3. Supplies used, $1,300 (see July 6 transaction) 4. Equipment depreciation, using the straight-line method of depreciation (see July 6 transaction) 5. Accrual of interest on bank loan (see July 6 transaction) 6. Salaries for the second half of July, $10,400, to be paid on August 1 7. Estimated utilities expense for July, $ 700 (invoice to be received in August) Record the adjusting entries. (Record journal entries in the order presented in the problem. 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