For the past several years, Kel El has operated a part-time consulting business from his home. As of July 1, 2020, Kel decided to move to rented quarters and to operate the business, which was to be known as KE Consulting, on a full-time basis. KE Consulting entered into the following transactions during July. Transactions: July: 1. Kel El deposited $45,000 into KE Consulting as the sole owner. 1. KE Consulting purchased supplies, $1,500; and office equipment, $15,500 with a 3 year note payable of $10,000 and the remainder in cash. 1. Paid six months' rent on a lease rental contract, $ 6,000. 2. Paid the yearly premium on property and casualty insurance policies, $2,400. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $5,000. Purchased additional office equipment on account from Office Equip Co., $4,500. Kel took clients out for a meal to discuss business, $100 Recorded services provided on account for the period July 1-14, $3,500. Paid Office Equip Co. for part of the debt incurred on July 4, $2,500. Paid part-time receptionist for two weeks' salary, $500. 4. 8. 10. aid cash for a newspaper advertisement, $150. 14. 15. 15. 17. 18. 22. 25. 26. 28. 29. 30 Recorded cash from cash clients for service provided during the period July 1-16, $3,500. Paid cash for supplies, $2000. Recorded services provided on account for the period July 15-22, $3,000. Recorded cash from cash clients for services provided for the period July 17-25, $3,000. Received cash from clients on account, $2,000. Paid part-time receptionist for two weeks' salary, $500. Paid water bill for July, $45. Received the electricity bill for July, $350. (Will pay it later).