The company underwent a major expansion in July. New staff was hired and more financing was obtained. Flint 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 18,000 shares of common stock for $45,000 cash. 3 Paid $3,720 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 $4,000 per month. 6 Paid $4,000 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Flint will bill the client, Connor Productions, on the 20 th of each month for services performed. 10 Collected $1,210 cash on account from Milani Brothers. This client was billed in June when Flint performed the service. 13 Performed services for Fitzgerald Enterprises. This client paid $1,030 in advance last month. All services relating to this payment are now completed. 14 Paid $390 cash for a utility bill. This related to June utilities that were accrued at the end of June. 14 Paid $390 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 $12,500 cash in advance for future services to be performed. 18 Paid semi-monthly salaries for $11,900. 20 Performed services worth $28,000 on account and billed customers. 20 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 $10,900 of revenue from the cash advance received July 16. 27 Received $16,400 cash from customers billed on July 20. he chart of accounts for Flint Computer Consultants contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Isurance. Prepaid Rent, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Notes Payable, Interest Payable, icome Taxes Payable, Salaries and Wages Payable, Unearned Service Revenue, Common Stock, Retained Earnings, Income Summary, ervice Revenue, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Advertising Expense, Icome Tax Expense, Interest Expense, Rent Expense, and Utilities Expense. Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Advertising Expense Adjustment data: 1. Adjustment of prepaid insurance. 2. Adjustment of prepaid rent. 3. Supplies used, $1,160. 4. Equipment depreciation, $500 per month. 5. Accrual of interest on note payable. (Hint: Use the formula from Illustration 3.17 to compute interest.) 6. Salaries for the second half of July, $11,900, to be paid on August 1 . 7. Estimated utilities expense for July, $800 (invoice will be received in August). 8. Income tax for July, $1,300, will be paid in August. (Hint: Use the accounts Income Tax Expense and Income Taxes Payable.) FLINT COMPUTER CONSULTANTS Income Statement $ $ Prepare a retained earning statement for July. FUNT COMPUTER CONSULTANTS Balance Sheet July 31,2022 Assets Current Assets Cash $ Accounts Receivable Prepaid Rent Prepaid Insurance Supplies Total Current Assets Property, Plant, and Equipment Equipment Less : Accumulated Depreciation-Equipment Total Assets $ $ Liabilities and Stockholders' Equity $ Liabilities and Stockholders' Equity account tities and enter U for the amounts.) Date Account Titles and Explanation Debit Credit July 31 (To close revenue account) July 31 (To close expense accounts) July 31 (To close net income to retained earnings) Prepare a post-closing trial balance at July 31. FLINT COMPUTER CONSULTANTS Post-Closing Trial Balance Debit Credit $ $ ented is