Transaction Analysis and that Balance Pam Brown owns Art Graphics, a firm providing designs for advertisers and market analysts. On July 1, the business's general ledger showed the following normal account balances: Cash $9,200 Accounts Payable $2.800 Accounts Receivable 10,500 Notes Payable 5,700 Common Stock 2000 Retained Earnings 9,200 Total Assets $19,700 Total Liabilities and Stockholders' Equity 519,700 support The following transactions occurred during the month of July July 1 Paid july rent, $1,370 2 Collected 57,800 on account from customers 3 Paid $3,200 installment due on the $5.700 noninterest-bearing note payable. 4 Billed customers for design Services rendered on account, $17.250. 5 Rendered design services and collected from cash customers, 51,900. 6 Paid $2.100 to creditors on account. 7 Collected $13.450 on account from customers. 8 Paid a delivery service for delivery of graphics to commercial firms, $1,100 9 Paidjuly salaries, 35,300 10 Received invoice for July advertising expense, to be paid in August, $1,300 11 Paid utilities for July $1,050 12 Paid stockholders a dividend of $2,700 cash 13 Received invoice for supplies used in July, to be paid in August $2.960 14 Purchased computer for 55.000 cash to be used in business starting next month Required a. Set up accounts for the general ledger with July 1 balances and enter the beginning balances. Also provide the following accounts: Equipment Service Fees Earned; Rent Expense: Salaries Expense; Delivery Expense; Advertising Expense: Utilities Expense; Supplies Expense; and Dividends. Prepare journal entries and record the listed transactions in the appropriate Taccounts. b. Prepare a trial balance as of July 31. Journal Entries T.Accounts Trial Balance General Journal Description Debit Credit Rer (1) Support . To record payment of rent expense. To record collections from customers (3) . To record payment of notes payable . + To record customer billings (5 To record service fees rendered and collected . To record payments to creditors To record collections from customers . To record customer billings. (5) + To record service fees rendered and collected. (6) . To record payments to creditors. . (7) To record collections from customers. (8) ( To record payment of delivery expense. (9) To record salaries expense. (10) > To record advertising expense to be paid following month. (11) To record payment of utilities expense. (12) To record payment of dividends. 4 (13) e To record supplies expense for the month. (14) e To record purchase of computer. Cash Accounts Receivable Equipment Beg Ba Bes (14) Bal (2) (2) (3) (5) (6) Notes Payable BA Beg (3) Bal (7) (8) (9) (12) Bal Accounts Payable Common Stock Retained Earnings Beg Ral Beg (6) (10) (13) Beg Bal Dividends Bal (12) Bal Service Fees Earned Rent Expense Salaries Expense 19) (1) Bal (5) Bal Bal Delivery Expense (8) Bal Delivery Expense (8) Bal Advertising Expense Utilities Expense Supplies Expense (10) Bal (11) Bal (13) Bal