The company underwent a major expansion in July. New staff was hired and more financing was obtained. Pina Colada 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 20,000 shares of common stock for $50,000 cash. 3 Paid $3,360 cash for a 12 -month insurance policy effective July 1. 3. Paid the first 2 (July and August 2022) months' rent for an annual lease of office space for $4100 per month. 6 Paid $3,500 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Pina Colada will bill the client. Connor Productions, on the 20th of each month for services performed. 10 Collected \$1,300 cash on account from Milani Brothers. This client was billed in June when Pina Colada performed the service 13. Performed services for Fitzgerald Enterprises. This client paid $1.160 in advance last month. All services relating to this payment are now completed. 14 Paid $430 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 $11,300 cash in advance for future services to be performed. 18 Paid semi-monthly salaries for $10,800. 20 Performed services worth $27,500 on account and billed customers: 20 Received a bill for $2,300 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 Technoloples. Recopnized $9,300 of revenue from the cash advance received July 16 23 Performed the first phase of the prolect for Thunder Bay Technologies. Recognited 59,300 of revenue from the cash advance received Jily 16 27 Received $16,200 cash from customers blied on July 20. The chart of accounts for Pina Colada Computer Consultants contains the followine accounts Cash Accounts Receivable, Supplies, Prepald Insurance. Prepaid Rent, Equ'pment. Accumulated Depreclation-Equlpment. Accounts Payable. Notes Payable, Interest Payable, Income Taxes Payable, Salaries and Wages Payable. Unearned Service Revenve, Common Stock, Retained Earnings, Income Summary. Service Revenue, Supplies Expense, Depreciation Expense, Insurance Expense. Salarles and Wazes Expence, Advertising Expense, Income Tax Expense, Interest Expense. Rent Exptrse, and Utill tles Expense. Post to the ledger accounts. (Post entries in the order of joumal entries presented in the previous part). Equipment Accounts Payable (d) Prepare a trial balance at July 31. PINA COLADA COMPUTER CONSULTANTS Trial Balances Debit Credit 5 $