During the month of July, the following selected transactions took place: July 2 7 1. 2 3. 4. Additional information: 5. 6. 14 7. 15 21 28 Paid $1,420 for two months' rent in advance for July and August. Purchased $190 of supplies on account. Collected half of outstanding accounts receivable. Borrowed $2,800 from the bank for one year at an interest rate of 6%. Received $1,080 cash from a customer for services to be performed in August. Performed $1,630 of services for a customer on account. At July 31, the company had performed $840 of services for a client that it had not billed or recorded. Recorded rent expense for the month. Supplies on hand at July 31 were $470. The equipment has a five-year useful life and Waterway uses straight-line depreciation. Interest is due on the bank loan on the first day of each following month, beginning August 1. As at July 31, the company owed $2,650 of salaries to its employees for the month just ended. As at July 31, the company had earned $1,950 of revenue that had been received in advance.