At June 30, 2022, the end of its most recent fiscal year, Sheffield Computer Consultants post-closing trial balance was as follows: 01:58:09 Hide Timer Debit Credit Cash $5,540 Accounts receivable 1.270 Supplies 730 Accounts payable $420 1.190 Unearned service revenue Common stock Retained earnings 3.800 2,130 $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 Issued 21.200 shares of common stock for $53,000 cash 3 Paid $3,600 cash for a 12-month insurance policy effective July 1. 3 Paid the first 2 Ouly and August 2022) months' rent for an annual lease of office space for $4.200 per month 6 Paid $4,000 for supplies Vid e omedonthom .coid Said he dient.Connor B ontothenat each monthsando ly 2022, and The company underwent a major expansion in July, New staff was hired and more financing was obtained. Shetheld conducted the following transactions during adjusts its accounts monthly July 1Purchased 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 Issued 21,200 shares of common stock for $53.000 cash 3 Paid $3,600 cash for a 12-month insurance policy effective July 1 3 Paid the first 2 (uly and August 2022) months' rent for an annual lease of office space for $4,200 per month 6 Paid $4,000 for supplies Visited dient offices and agreed on the terms of a consulting project Sheffield will bill the client Connor Productions, on the 20th of each month for services performed 10 Collected $1.270 cash on account from Milani Brothers. This client was billed in June when Sheffield performed the service 13 Performed services for Fitzgerald Enterprises. This client paid $1,190 in advance last month. Allservices relating to this payment are now completed. 14 Paid $420 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 $12,700 cash in advance for future services to be performed 18 Paid semi-monthly salaries for $11700 20 Performed services worth $29.700 on account and billed customers 20 Received a bill for $2.300 for advertising services received during ily. The amount is not due until August 15 23 Performed the first phase of the project for Thunder Bay Technologies. Recognized $10.600 of revenue from the cash advance received July 16 27 Received $15.900 cash from customers billed on July 20 Adjustment data: Adjustment data: 1. Adjustment of prepaid insurance. 2. Adjustment of prepaid rent. 3. Supplies used, $1,350. 4. Equipment depreciation, $525 per month 5. Accrual of interest on note payable. 6. Salaries for the second half of July $11,700, to be paid on August 1. 7. Estimated utilities expense for July $850 (invoice will be received in August). 8. Income tax for July $1,270, will be paid in August, The chart of accounts for Sheffield Computer Consultants contains the following accounts: Cash Accounts Receivable, 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. Prepare an income statement for July. SHEFFIELD COMPUTER CONSULTANTS Income Statement List of Accounts Prepare a retained earning statement for July. SHEFFIELD COMPUTER CONSULTANTS Retained Earnings Statement Prepare a classified balance sheet at July 31 (List Current Assets in order of liquidity) SHEFFIELD COMPUTER CONSULTANTS Balance Sheet Assets Liabilities and Stockholders' Equity List of Accounts