The Sunland Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2021: Debit Credit 4,000 6,000 1,120 13,800 Cash Accounts receivable Supplies Equipment Accumulated depreciation equipment Deferred revenue Common shares Retained earnings Totals $ 5,750 2,460 4,500 12,210 $ 24,920 $ 24,920 During the month of July, the following selected transactions took place: July 2 7 14 Paid $1,570 for two months' rent in advance for July and August. Purchased $210 of supplies on account. Collected half of outstanding accounts receivable. Borrowed $1,000 from the bank for one year at an interest rate of 5%. Received $1,020 cash from a customer for services to be performed in August. Performed $1,550 of services to a customer on account. 15 21 28 Additional information: 1. 2. 3. 4. At July 31, the company had performed $800 of services for a client that it had not billed or recorded. Recorded rent expense for the month. Supplies on hand at July 31 were $550. The equipment has a five-year useful life and uses straight-line depreciation. Interest is due on the bank loan on the first day of each following month, beginning August 1. As at July 31, the company owed $2,390 of salaries to its employees for the month just ended. As at July 31, the company had earned $1,850 of revenue that had been paid in advance. 5. 6. 7. Prepare adjusting entries at July 31, assuming the company prepares adjusting entries monthly. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation July 31 (To record adjusting entry for services provided but not billed) July 31 (To record adjusting entry for rent expense for the month paid in advance) July 31 (To record adjusting entry for supplies expense) (lo record adjusting entry for supplies expense) July 31 (To record depreciation expense) July 31 (To record interest expense accrued but not paid) July 31 (To record salaries owed to employees) July 31 (To record revenue paid in advance)