At June 30, 2022, the end of its most recent fiscal year, Concord Computer Consultants post-closing trial balance was as follows: Credit Debit $5,430 1,320 670 Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $400 1.170 3,360 2,490 $7,420 $7,420 1 2 3 3 6 9 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Concord conducted the following transactions during July 2022 and adjusts its accounts monthly July Purchased equipment paying $4.000 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 Issued 19,000 shares of common stock for $47.500 cash Pald $3,960 cash for a 12-month Insurance policy effective July 1. Paid the first 2 (July and August 2022) months' rent for an annual lease of office space for $3,900 per month Paid $3,600 for supplies. Visited client offices and agreed on the terms of a consulting project. Concord will bill the client, Connor Productions, on the 20th of each month for services performed. Collected $1,320 cash on account from Milani Brothers. This client was billed in June when Concord performed the 13 Performed services for Fitzgerald Enterprises. This client paid $1.170 in advance last month. All services relating to this payment are now.completed. Paid $400 cash for a utility bill This related to June utilities that were accrued at the end of June Met with a new client, Thunder Bay Technologies Received $13,100 cash in advance for future services to be performed Pald semi-monthly salaries for $11.200 20 Performed services worth $30.700 on account and billed customers Received a bill for $2.400 for advertising services received during July. The amount is not due until August 15 Performed the first phase of the project for Thunder Bay Technologies. Recognized $9,000 of revenue from the cash advance received July 16. Received $15.000 cash from customers billed on July 20 10 service 14 16 18 20 23 27 eTextbook and Media List of Accounts Attempts: 1 of 5 used b) Journalize the July transactions. (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 for the amounts. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Equipment July 1 Cash Notes Payable July 2 V Cash Common Stock July 3 V Prepaid Insurance July 3 Prepaid Rent July 6 Supplies