At June 30, 2022, the end of its most recent fiscal year, Sheffield Computer Consultants' post-closing trial balance was as follows: Debit Credit Cash $5,540 Accounts receivable 1,270 Supplies 730 Accounts payable Unearned service revenue Owner's capital $420 1,190 5,930 $7,540 $7,540 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Sheffield conducted the following transactions during July 2022, and adjusts its accounts monthly. July 1 Purchased equipment, paying $4.000 cash and signing a 2-year note payable for $21,200. 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 Owner invested $53,000 cash in the company. 3 Paid $3,600 cash for a 12-month insurance policy effective July 1. 3 Paid the first 2 (July and August 2022) months' rent for an annual lease of office space for $4,200 per month.