The following transactions occurred for DEF: Jul 2Paid utilities expense of $400. 5Purchased equipment on account, $2,100. 10Performed service for a client on account, $2,000. 12Borrowed $7,000 cash, signing a note payable. 19Sold for $29,000 land that had cost this same amount. 21Purchased supplies for $800 and paid cash. 27Paid the liability from July 5. Requirement 1. Identify and perform the three steps to record the previously described transactions.2. Open the following T-accounts with their July 1 balances: Cash $4,000; Accounts receivable $0; Equipment $0; Land $29,000; Supplies $0; Accounts payable $0; Notes payable $0; Common stock $33,000; Service revenue $0; Utilities expense $0.3. Post the transactions of Exercise 2 to the T-accounts. Use the dates as posting references. Start with July 2.4. Compute the July 31, 2022, balance for each account, and prove that total debits equal total credits by preparing a trial balance