The Sheffield Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2021: Credit Cash Accounts receivable Debit 4000 5.930 1.110 15300 Acte depreciation equipment Derdreven 5 6.250 2.680 4.900 12.510 $26.340 $26.340 7 During the month of July, the following selected transactions took place: July 2 Paid 51410 for two months rent in advance for July and August Purchased $150 of supplies on account. Collected half of outstanding accounts receivable 15 Borrowed 5900 from the bank for one year at an interest rate of 5% Received 5920 cash from a customer for services to be performed in August. 28 Performed $1.390 of services to a customer on account. 14 21 Additional information The Sheffield Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2021: Credit Cash Accounts receivable Debit 4000 5.930 1.110 15300 Acte depreciation equipment Derdreven 5 6.250 2.680 4.900 12.510 $26.340 $26.340 7 During the month of July, the following selected transactions took place: July 2 Paid 51410 for two months rent in advance for July and August Purchased $150 of supplies on account. Collected half of outstanding accounts receivable 15 Borrowed 5900 from the bank for one year at an interest rate of 5% Received 5920 cash from a customer for services to be performed in August. 28 Performed $1.390 of services to a customer on account. 14 21 Additional information