CREATE A BALANCE SHEET USING THE FOLLOWING DATA

On Jun 30, 2022, the end of its most recent fiscal year, Dunder Mifflin Paper Company's post-closing trial balance was as follows:

Debit Credit

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Cash $22,350

Accounts receivable 2,550

Supplies 7,450

Accounts payable $2,450

Unearned service revenue 600

Common stock 6,100

Retained earnings 23,200

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Total $32,350 $32,350

The company underwent a major expansion in Jul. New staff was hired and more financing was obtained. Dunder Mifflin Paper Company conducted the following transactions during Jul 2022, and adjusts its accounts monthly.

Jul 01 Purchased equipment, paying $6,210 cash and signing a 2-year note payable for $19,840. The equipment has a 4-year useful life. The note has a 9% interest rate, with interest payable on the first day of each following month.

Jul 02 Issued 21,800 shares of common stock for $54,500 cash.

Jul 03 Paid $3,750 cash for a 12-month insurance policy effective Jul 01.

Jul 10 Collected $1,350 cash on account from Weyland-Yutani Corporation. This client was billed in June when Dunder Mifflin Paper Company performed the service.

Jul 14 Paid $1,850 cash for a utility bill. This was related to June utilities that were accrued at the end of June.

Jul 20 Performed services worth $23,350 on account and billed customers.

Adjustment data:

1. Adjustment of prepaid insurance.

2. Equipment depreciation, $542 per month.

3. Accrual of interest on note payable.

4. Estimated utilities expense for July, $1,650 (invoice will be received next month).

5. Income tax for July, $3,450 will be paid next month.