Record the July transactions. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and enter $0$ ?for the amounts. Record journal entries in the order presented in the problem.$)$

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The Sheffield Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2021: Debit Credit Cash $ 4,700 Accounts receivable 6,010 Supplies 1,130 Equipment 14,400 Accumulated depreciation-equipment Deferred revenue $ 5,930 2,460 Common shares 4,800 Retained earnings 13,050 Totals $ 26,240 $ 26,240 During the month of July, the following selected transactions took place: July 2 Paid $1,600 for two months' rent in advance for July and August. 7 Purchased $220 of supplies on account. 14 Collected half of outstanding accounts receivable. The Sheffield Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2021: Debit Credit Cash $ 4,700 Accounts receivable 6,010 Supplies 1,130 Equipment 14,400 Accumulated depreciation-equipment Deferred revenue $ 5,930 2,460 Common shares 4,800 Retained earnings 13,050 Totals $ 26,240 $ 26,240 During the month of July, the following selected transactions took place: July 2 Paid $1,600 for two months' rent in advance for July and August. 7 Purchased $220 of supplies on account. 14 Collected half of outstanding accounts receivable.

Answer rating: 100% (QA)

July 2 Debit Rent Expense 1600 Credit Cash 1600 Explanation This transaction prepays rent ... View the full answer