At June 30, 2020, the end of its most recent fiscal year, Green River Computer Consultants' post-closing trial balanoe was as follows (amounts in thousands): The company underwent a major expansion in July. New staff was hired and more financing was ob-tained. Green River conducted the following transactions during July 2020 , and adjusts its accounts monthly. July 1 Purchased equipment, paying Y4,000 cash and signing a 2 -year note payable for 20,000. 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 Shareholders invested $50,000 cash in the company in exchange for ordinary shares. 3 Paid $3,600 cash for a 12 -month insurance policy effective July 1 . 3 Paid the first 2 (July and August 2020) months' rent for an annual lease of office space for 44,000 per month. 6 Paid $3,800 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Green River will bill the client, Connor Productions, on the 20 th of each month for services performed. 10 Collected $1,200 cash on account from Milani Brothers. This client was billed in June when Green River perfomed the service. 13 Performed services for Fitzgerald Enterprises. This client paid 1,120 in advance last month. All services relating to this payment are now completed. 14 Paid $400 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 12,000 cash in advance for future services to be performed 18 Paid semi-monthly salaries for 11,000 20 Performed services worth $28,000 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 23 Performed the first phase of the project for Thunder Bay Technologies. Recognized Y10,000 of revenu from the cash advance received July 16. 27 Received $15,000 cash from customers billed on July 20. Instructions 1. Enter the July 1 balances in the ledger accounts. (Use T-accounts.) 2. Journalize the July transactions. 3. Post to the ledger accounts include profit and loss ledger account 4. Prepare financial position statement at the end of the month