• On 30 April 2023, the end of its most recent financial year, Green River Computer Consultants’ (PTY) Limited’s post‐closing trial balance was as follows (amounts R’000’): Debit R Credit R Cash R5 230 Accounts Receivable 1 200 Supplies 690 Accounts payable R 400 Unearned service revenue 1 120 Share capital—Ordinary 4 000 Retained earnings      1 600 R7 120 R7 120 The company underwent a major expansion in May 2023. New staff was hired, and more financing was obtained. Green River conducted the following transactions during May 2023 and adjusts its accounts monthly. May 1 Purchased equipment, paid R4 000 cash, and signed a 2‐year note payable for R20 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 Shareholders invested R50 000 cash in the company in exchange for ordinary shares. 3 Paid R3 600 cash for a 12‐month insurance policy effective July 1. 3 Paid the first 2 (May and June 2023) month’s rent for an annual office space lease for R4 000 per month. 6 Paid R3 800 for office supplies. 9 Visited client offices and agreed on the terms of a consulting project. Green River will bill the client, Connor Productions, for services performed on the 20th of each month. 10 Collected R1 200 cash on account from Kilimani Brothers. This client was billed in June when Green River performed the service. 13 Performed services for Fitz Enterprises. This client paid R1 120 in advance last month. All services relating to this payment are now completed. 14 Paid R400 cash for a utility bill. This is related to April utilities that were accrued at the end of June. 16 Met with a new client, Thunder Bay Technologies. Received R12 000 cash in advance for future services to be performed. 18 Paid semi‐monthly salaries for R11 000. 20 Performed services worth R28 000 on the account and billing customers. 20 Received a bill for R2, 200 for advertising services received during May. The amount is not due until 15 June 2023. 23 Performed the first phase of the project for Thunder Bay Technologies. Recognized R10 000 of revenue from the cash advance received 16 May 2023. 27 Received R15 000 cash from customers billed on 20 May. Financial statements adjustment data: (i) Adjustment of prepaid insurance. (ii) Adjustment of prepaid rent. (iii) Supplies used, R1,250. (iv) Equipment depreciation, R500 per month. (v) Accrual of interest on note payable. (vi) Salaries for the second half of May, R11,000, to be paid on June 2. (vii) Estimated utilities expense for May, R800. (viii) Income tax for July, R1,200, will be paid in August. (Hint: Use the accounts Income Tax Expense and Income Taxes Payable.)