Question 1 of 1 - / 100 At June 30, 2022, the end of its most recent fiscal year, Concord Computer Consultants post-closing trial balance was as follows: Credit Debit $5,430 1.320 670 Cash Accounts receivable Supplies Accounts payable Unearned service revenue Common stock Retained earnings $400 1.170 3,360 2,490 $7,420 $7,420 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Concord conducted the following transactions during July 2022, and adjusts its accounts monthly July 1 Purchased equipment, paying $4,000 cash and signing a 2-year note payable for $20,000. 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 19,000 shares of common stock for $47.500 cash. 3 Paid $3.960 cash for a 12-month insurance policy effective July 1. 3 Paid the first 2 Ouly and August 2022) months' rent for an annual lease of office space for $3,900 per month 6 Pald $3,600 for supplies 9 Visited client offices and agreed on the terms of a consulting project. Concord will bill the client, Connor Productions on the 20th of each month for services performed 10 Collected $1,320 cash on account from Milani Brothers. This client was billed in June when Concord performed the service: 13 Performed services for Fitzgerald Enterprises. This client paid $1,170 in advance last month. All services relating to this payment are now completed 14 Pald $400 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 $13.100 cash in advance for future services to be performed 18 Paid semi-monthly salaries for $11.200. 20 Performed services worth $30,700 on account and billed customers Received a bill for $2.400 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 $9,000 of revenue from the cash advance received July 16, 27 Received $15,000 cash from customers billed on July 20. 20 (a) Enter the July 1 balances in the ledger accounts. Cash Accounts Recelvable Supplies Accounts Payable Unearned Service Revenue Common Stock Retained Earnings