At June 30, 2021, the end of its most recent fiscal year, River Consultants Ltd.s post-closing trial balance was as follows: Debit Credit Cash $13,900 Accounts receivable 1,300 Supplies 600 Accounts payable $500 Income tax payable 500 Deferred revenue 1,200 Common shares 3,700 Retained earnings 9,900 $15,800 $15,800 The company underwent a major expansion in July. New staff was hired and more financing was obtained. River conducted the following transactions during July 2021. July 3 Issued $9,300 of common shares for cash. 4 Purchased insurance coverage for a year, $3,360. 5 Paid the first two (July and August 2021) months rent for an annual lease of office space for $3,600 per month. (Hint: Use the Prepaid Rent account.) 6 Purchased $4,200 of supplies for cash. 6 Purchased equipment, paying $4,000 cash and signing a two-year bank loan for $20,000. 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 $1,300 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, $10,600 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 $13,100 cash in advance for future work to be performed. 19 Invoiced Connor Productions for $25,400 of consulting fees provided on account. (Hint: Use the Fees Earned account.) 20 Received an invoice for legal advice, $2,300. 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 $9,900 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 $1,200 for the July income tax instalment. 27 Received $15,500 cash from Connor Productions in partial payment of the invoice issued on July 19. 30 Declared and paid a $5,000 dividend.Prepare T accounts, enter any opening balances , post the journal entries and calculate and enter balances.