The following events occurred for KFC Limited for the month of May 2016 Date 1 Jul Issued ordinary shares and received $400,000 cash. 2 Jul Purchased supplies $7,000 on account. 7 Jul Received $30,000 in advance from a client for services to be performed later. 10 Jul Paid cash for utilities expense of $1,600. 28 Jul Earned service revenue of $4,000 that was received in advance on 7 July. 31 Jul A physical count showed $6,000 of supplies on hand. Required: for KFC Limited Prepare the above journal entries for the month of May 2016 (Narration is NOT required.) (12 marks)