monthly July 1 Purchased equipment, paying $3,600 cash and signing a 2-year note payable for $16,000. 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 16,800 shares of common stock for $42,000 cash 3 Paid $3,000 cash for a 12 month insurance policy effective July 1. 3 Paid the first 2 July and August 2017) months' rent for an annual lease of office space for $3.400 per month 6 Paid $3.200 for supplies 9 Visited client offices and agreed on the terms of a consulting project. Flounder will be the client, Connor Productions, on the 20th of each month for services performed. 10 Collected $1,010 cash on account from Milani Brothers. This client was billed in June when Flounder performed the service. 13 Performed services for Fitzgerald Enterprises. This client paid $940 in advance last month. All services relating to this payment are now completed. 14 Paid $340 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 $10,100 cash in advance for future services to be performed 18 Paid semi-monthly salaries for $9.200 20 Performed services worth $23.500 on account and billed customers 20 Received a bill for $1,800 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 $8.400 of revenue from the cash advance received July 16, 27 Received $12,600 cash from customers billed on July 20. Adjustment data: 1. Adjustment of prepaid insurance 2. Adjustment of prepaid rent 3. Supplies used, $1,050. 4. Equipment depreciation. $425 per month 5. Accrual of interest on note payable 6. Salaries for the second half of July $9.200, to be paid on August 1. 7. Estimated utilities expense for July $670 invoice will be received in August) 8. Income tax for July $1.010, will be paid in August