Transaction Analysis and Trial Balance Pam Black owns Artsy 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 $6,800 Accounts Payable $2,100 Accounts Receivable 10,700 Notes Payable 4,200 Common Stock 2,000 Retained Earnings 9,200 Total Assets $17,500 Total Liabilities and Stockholders' Equity $17,500 The following transactions occurred during the month of July: 1 Paid July rent, $510. 2 Collected $7,100 on account from customers. 3 Paid $1,800 installment due on the $3,300 noninterest-bearing note payable. 4 Billed customers for design services rendered on account, $18,100. 5 Rendered design services and collected from cash customers, $1,200. 6 Paid $1,400 to creditors on account. 7 Collected $12,750 on account from customers. 8 Paid a delivery service for delivery of graphics to commercial firms, $650. 9 Paid July salaries, $5,300. 10 Received invoice for July advertising expense, to be paid in August, $600. 11 Paid utilities for July, $250. 12 Paid stockholders a dividend of $2,000 cash. 13 Received invoice for supplies used in July, to be paid in August, $2,260. 14 Purchased computer for $7,000 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 T-accounts. b. Prepare a trial balance as of July 31. 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. b. Prepare a trial balance as of July 31. Journal Entries T-Accounts Trial Balance Cash Accounts Receivable Equipment Notes Payable Beg Bal Bes Beg (14) Bal 0 0 (4) Bal ooooooo (12) (14) 0 0 Accounts Payable Common Stock Retained Earnings Dividends Beg 0 0 Beg Bal (12) Bal Bal 0 (10) (13) Bal Service Fees Earned Rent Expense Salaries Expense Delivery Expense 19) Bal Bal Bal (5) Bal Advertising Expense Utilities Expense Supplies Expense (13) Bal Ba Bal