Transaction Analysis and Trial Balance Pam Brown owns Art Graphics, a firm providing designs for advertisers and market analysts. On July 1, the businesss general ledger showed the following normal account balances: Cash $8,800 Accounts Payable $2,400 Accounts Receivable 10,100 Notes Payable 5,300 Common Stock 1,700 Retained Earnings 9,500 Total Assets $18,900 Total Liabilities and Stockholders' Equity $18,900 The following transactions occurred during the month of July: July 1 Paid July rent, $970. 2 Collected $7,400 on account from customers. 3 Paid $2,800 installment due on the $5,300 noninterest-bearing note payable. 4 Billed customers for design services rendered on account, $16,850. 5 Rendered design services and collected from cash customers, $1,500. 6 Paid $1,700 to creditors on account. 7 Collected $13,050 on account from customers. 8 Paid a delivery service for delivery of graphics to commercial firms, $700. 9 Paid July salaries, $4,900. 10 Received invoice for July advertising expense, to be paid in August, $900. 11 Paid utilities for July, $650. 12 Paid stockholders a dividend of $2,300 cash. 13 Received invoice for supplies used in July, to be paid in August, $2,560. 14 Purchased computer for $4,600 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 T-accounts.