During the month of July, the following selected transactions took place: July 2 7 14 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 $1,000 from the bank for one year at an interest rate of 5%. Received $1.080 cash from a customer for services to be performed in August. Performed $1,630 of services to a customer on account. 15 21 28 Additional information: 1. 2 3 4. 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 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 paid in advance. 5. 6. 7. During the month of July, the following selected transactions took place: July 2 7 14 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 $1,000 from the bank for one year at an interest rate of 5%. Received $1.080 cash from a customer for services to be performed in August. Performed $1,630 of services to a customer on account. 15 21 28 Additional information: 1. 2 3 4. 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 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 paid in advance. 5. 6. 7