At June 30, 2022, the end of its most recent fiscal year, Culver Computer Consultants' post-cl Debit Credit Cash $5,860 Accounts receivable 1.340 Supplies 770 Accounts payable $450 Unearned service revenue 1.250 4.000 Common stock Retained earnings 2.270 $7.970 $7.970 Windo (6) Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. 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.) Date Account Titles and Explanation Debit Credit The company underwent a major expansion in July. New staff was hired and more financing was obtained Culver conducted the following transactions during July 2022, and adjusts its accounts monthly July 1 2 3 3 Purchased equipment paying $4.000 cash and signing a 2-year note payable for $22.400. 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 22,400 shares of common stock for $56,000 cash Paid $4,200 cash for a 12-month insurance policy effective July 1 Paid the first 2 Vuly and August 2022) months rent for an annual lease of office space for $4.500 per month Paid $4 300 for supplies Visited client offices and agreed on the terms of a consulting project. Culver will bill the client. Connor Productions on the 20th of each month for services performed. Collected 51 340 cash on account from Milani Brothers. This client was billed in June when Culver performed the 6 9 10 service 13 14 Performed services for Fitzgerald Enterprises. This client paid $1250 in advance last month. All services relating to this payment are now completed Paid $450 cash fora utility bill. This related to June utilities that were accrued at the end of June Met with a new client. Thunder Bay Technologies. Recelved $13.400 cash in advance for future services to be performed 16 18 Paid semi-monthly salaries for $12.300. Performed services worth $31.400 on account and billed customers 20 20 Recelved a bill for $2,500 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 $11 200 of revenue from the cash advance received July 16 23 23 Performed the first phase of the project for Thunder Bay Technologies. Recognized $11,200 of revenue from the cash advance received July 16 Received $16,800 cash from customers billed on July 20. 27 Adjustment data: 1. Adjustment of prepaid insurance Adjustment of prepaid rent 2 3 Supplies used, $1.400. 4 S. 6 Equipment depreciation, $550 per month Accrual of Interest on note payable Salaries for the second half of July, $12,300. to be paid on August 1 Estimated utlities expense for July $900 (nvoice will be received in August). Income tax for July $1.340, will be paid in August 7 8 The chart of accounts for Culver Computer Consultants contains the following accounts: Cash Accounts Recelvable, Supplies Prepaid Insurance Prepaid Rent Equipment, Accumulated Depreciation-Equipment Accounts Payable Notes Payable, Interest Payable Income Taxes Payable, Salaries and Wages Payable Unearned Service Revenue, Common Stock Retained Earnings Dividends Income Summary Service Revenue, Supplies Expense, Depreciation Expense Insurance Expense. Salaries and Wages Expense, Advertising Expense Income Tax Expense. Interest Expense, Rent Expense Supplies Expense, and Utilities Expense Cash July 1 Bal. 5,860 July 1 4,000 July 2 56,000 July 3 4,200 July 10 1,340 July 3 9,000 July 16 13,400 July 6 4,300 July 27 16,800 July 14 450 July 18 12,300 July 31 Bal. 59.150 Accounts Receivable July 1 Bal. 1,340 July 10 1,340 July 20 31.400 July 27 16,800 July 31 Bal. 14,600 Prepaid Insurance July 3 4,200 Supplies