Debit Credit 54500 Accounts receivable 100 Supplies 590 $300 Accounts payable Unearned service revenue Common stock Retained earnings 3.100 56. 120 16.120 The company underwent a major expansion in July, New staff was hired and more facing was obtained Grouperconducted the following transactions during July 2022. and adjust counts monthly July 1 Purchased equipment paying $3.200 cash and signing a 2 year note payable for $17.200. The equipment has a 4-year useful . The note has a interest rate which is payable on the first day of each following month 2 Issued 17 200 shares of common stock for $43.000 cash 3 Paid $1000 cash for a 12-month insurance policy effective July 1 3 Paid the first 2 Ouly and August 2022) months rent for an office space for $3.400 per month 6 Paid $300 for supplies Visited client offices and agreed on the terms of consulting project Grouser will be the client Connor Productions.com the 20th of each month for services performed Collected $1030 cash on account from Milan Brothers. This client was billed in June when Grouper performed the Service Performed services for Fitzgerald Enterprises. This client paid $960 in advance last month. All services relating to this payment are now completed 14 Paid $340 cash for a utility bil. This related to June utilities that were accrued at the end of June. 16 Met with a new client, Thunder Bay Technologies. Received $10.300 cash in advance for future services to be performed 18 Paid semi-monthly salaries for $9,500 20 Performed services worth $24.100 on count and billed customers 20 Received a bill for $1,900 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 $8.600 of revenue from the cash * advance received July 16 27 Received $12.900 cash from customers billed on July 20, Adjustment data 1. Adiustment of prepaid insurance. 2 Adjustment of prepaid rent. 3 Supplies used $1.100 4. Equipment depreciation, $425 per month 5 Accrual of interest on note payable 6. Salaries for the second half of July 59.500, to be paid on August 1. 7. Estimated utilities expense for July 5690 invoice will be received in August). 8. Income tax for July $1,030, will be paid in August The chart of accounts for Grouper Computer Consultants contains the following accounts Cash, Accounts Receivable, Supplies Prepaid insurance Prepaid Rent Equipment. Accumulated Depreciation-Coupment Accounts Payable. Notes Payable Interest Payable, Income Taxes Payable. Salaries and Wages Payable, Uneared Service Revenue Common Stock Retained Earnings Dividends. Income Summary. Service Revenue Supplies Expense, Depreciation Expere Insurance Expense, Salaries and Wages Expense. Advertising Expense. Income Tax Expense. Interest Expense, Rent Expense, Supplies Expense, and Utilities Expense. Prepare a retained earning statement for Mily GROUPER COMPUTER CONSULTANTS Retained Earnings Statement e Textbook and Media List of Accounts Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity) GROUPER COMPUTER CONSULTANTS Balance Sheet Liabilities and Stockholders'Equity Journalize and post closing entries and complete the closing process. (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. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Date Account Titles and Explanation Debit Credit July 31 (To close revenue account) July 31 (To close expense accounts) July 31 (To close net income to retained earnings)