9. You have been hired as a consultant for Pfizer Inc. The company reported the following transactions in July 2023: sales of $1,500,000, purchases of $800,000, salaries expense of $100,000, rent expense of $30,000, and utilities expense of $20,000. Prepare the necessary journal entries, post them to the ledger, and construct an income statement for the month. Discuss any potential issues with the recognition of expenses.