Debit Credit Cash $3,870 Accounts receivable 890 Supplies 510 Accounts payable 5300 Unearned service revenue Common stock 830 2,700 1.440 $5.270 Retained earnings $5.270 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Ayayal conducted the following transactions during July 2017, and adjusts its accounts monthly July 1 Purchased equipment, paying $3,200 cash and signing a 2-year note payable for $14,800. 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 14,800 shares of common stock for $37,000 cash. 3 Paid $2,400 cash for a 12-month insurance policy effective July 1. 3 Paid the first 2 Uuly and August 2017) months rent for an annual lease of office space for $3,000 per month 6 Paid $2,800 for supplies. Visited client offices and agreed on the terms of a consulting project. Ayayal will bill the client, Connor Productions, on the 20th of each month for services performed. 10 Collected $890 cash on account from Milani Brothers. This client was billed in June when Ayayai performed the service. Performed services for Fitzgerald Enterprises. This client paid $830 in advance last month. All services relating to this payment are now completed 14 Paid $300 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 $8.900 cash in advance for future services to be performed 18 Paid semi-monthly salaries for $8.100. 20 Performed services worth $20,700 on account and billed customers. 20 Received a bill for $1.600 for advertising services received during July. The amount is not due until August 15. 23 Performed the first phase of the project for Thunder Bay Technologies. Recognized $7.400 of revenue from the cash advance received July 16. 27 Received $11,100 cash from customers billed on July 20. 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