Question 6 June 30, 2001, the end of its most recent fiscal year. Abone Comhants Ind's De bir Credit Ch $15,230 1300 600 Accounts payable 400 Income tax payable 500 Deferred reve 1,120 Common shares 3,600 Retained coming $17,130 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Asiniboine conducted the following transactions during 2001 July 3sued $10,000 of common shares for cab 4 Purchased insurance coverage for year, $3,600. 5 Pid the first two and put 2021 for anal lease of office space for $4,000 per month. Her Le the Prepual Rest account.) 6 Purchased $3,800 of supplies for co 6 Purchased equipment, paying $4,000 cash and signing a two-year bank loan for $30,000. The equipment has year useful life. The bank kan has a hinterest rate, which is payable on the first day of each following month 10 Viited client offices and agreed on the terms of a consulting project. Ainiboine will the cit Bummer Productions lad, on the 19th of each month for work perfed 12 Collected $1,200 on account from Spily Brothers Id. This client was invoiced in June when the service was 13 Completed services for Mostar he. This cent paid $1,120 in aane stmth. Al services relating to this payment are now completed the the Foes mean) 16 Paid salaries for the fint half of the month, $11,000 17 Paid aunty bill of 5400. This related to June utilities that were accrued at the end of I Met with a new client, Be Technologies Received $12,000 cash in advance for future work to be perfomed 19 Invoiced mer Productions for $28,000 of coming fees provided on account. Use the fees and 30 Received an invoice for legal advice. 52.2001 The amount is not due until August 30 (the Profil Fees Expense account) 23 Completed the first pluse of the project for Bez Technologies Ind. Recognized $10.000 of revenue from the cash advance previously reccned (see July 18 tr 25 Paid $500 imable wing at the end of me, in addition to $1,200 for the Ady in 27 Received $15,000 cash from mer Productions in partial payment of the voiced on July 19 30 Declared and paid a $5,000 dividend Asiniboine Consultants records adjustments monthly. Alsotment data for the month of July are as foll 1Bxpiry of incorage (see July 4 transaction) 2. Adjustment of prepaid resultin 3.Supplies used $1,250 (July) 4quipment depreciation, using the straight-line method of depreciations Judy & action) 5.Accrual of interest on bank loan (see July 6 transaction 6.Salaries for the second half of had $11,000, to be paid on Aut 7.Estimated utilities expense for July, 5800 invoice to be received in Required Record the above traction b. Set up Tacts, enter any opening babes, and post the genda entr c. Prepare a trial balance at July 31. dRecond and post the July adding joumal entries Prepare a (1) statement of income, (2) statement of changes in equity, and statement of financial position Prepare and post the closing journal entries, assuming Aniboine closest bookm Biboine needs to mantan a un ratio of 21 in order to maintains fancul standing with it the current ratio. He achieved the 2-40-1 benchmark