The Vaughn Corporation had the following opening trial balance at the beginning of its fiscal year, July $1,2024$:$17\mathrm{.}86/20$DebitCreditCash$$4,300$Accounts receivable$5,910$Supplies$1,080$Equipment$14,400$Accumulated depreciation$-$equipment$$6,430$Deferred revenue$2,700$Common shares$4,600$Retained earnings$11,960$Totals$25,69025,690$During the month of July, the following selected transactions took place:July $2$ Paid $$1,460$ for two months' rent in advance for July and August$\mathrm{.}7$ Purchased $$190$ of supplies on account$\mathrm{.}14$ Collected half of outstanding accounts receivable$\mathrm{.}15$Borrowed $$2,000$ from the bank for one year at an interest rate of $6\%\mathrm{.}21$ Received $$990$ cash from a customer for services to be performed in August$\mathrm{.}28$ Performed $$1,380$ of services for a customer on account. Additional information:$1.$ At July $31,$ the company had performed $$770$ of services for a client that it had not billed or recorded$\mathrm{.}2.$ Recorded rent expense for the month$\mathrm{.}3.$ Supplies on hand at July $31$ were $$470\mathrm{.}4.$ The equipment has a five$-$year useful life and Vaughn uses straight$-$line depreciation$\mathrm{.}5.$ Interest is due on the bank loan on the first day of each following month, beginning August $1\mathrm{.}6.$ As at July $31,$ the company owed $$2\mathrm{.}330$ of salaries to its employees for the month just ended$\mathrm{.}7.$ As at July $31,$ the company had earned $$1,960$ of revenue that had been received in advance. Prepare journal entries and adjusting entries.