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Gulf Corp. began operations on July 1, 2014, and showed the following account balances at July 31. Cash: $25,000; Accounts Receivable: $2,200; Supplies: $3,700; Prepaid Rent: $1,600; Accounts Payable: $3,700; Share Capital: $23,600; Dividends: $1,400; Consulting Revenue Earned: $10,700; Utilities Expense: $4,100. The following transactions occurred during August.

1. August 2 : Travis Goodall (a shareholder), received share capital in Gulf Corp., after investing $60,000 cash and $20,000 worth of supplies in Gulf Corp.
2. August 4 : Gulf Corp. will pay this month's water utilities bill of $300 received today, within 30 days.
3. August 6 : Gulf Corp. provided $1,750 of consulting services for a customer who will pay within 30 days.
4. August 7 : Gulf Corp. paid $250 for this month's electrical utilities bill received today.
5. August 10 : Gulf Corp. received $1,100 towards payment for the services provided in transaction (c).
6. August 13 : Gulf Corp. spent $400 cash on supplies.
7. August 14 : Gulf Corp. performed consulting services for a customer and received $100.
8. August 15 : Gulf Corp. returned $400 of defective supplies today that were originally purchased for cash.
9. August 17 : Gulf Corp. paid $200 towards the bill from transaction (b).
10. August 19 : Gulf Corp. used credit to purchase $500 of supplies.

Enter each account balance as of July 31 in the appropriate T-account, and then record the transactions by entering the debit and credit entries directly in the T-accounts. Use the date for each transaction to identify the entries, placing the date in the left-hand cell and the amount in the right-hand cell of the appropriate side of the T-account. Then determine the balance of each account, and write 'Balance' (or 'Bal') next to it, in the left-hand cell on the appropriate side.

Cash

Accounts Receivable

Supplies

Prepaid Rent

Accounts Payable

Share Capital

Dividends

Consulting Revenue Earned

Utilities Expense