At June $30,2027,$ the end of its most recent fiscal year, Sheffield Computer Consultants' post$-$closing trial balance was as follows:

The company underwent a major expansion in July. New staff was hired and more financing was obtained. Sheffield conducted the following transactions during July $2027,$ and adjusts its accounts monthly.

July $1$ Purchased equipment, paying $\backslash (\backslash$$ $4,800\backslash )$ cash and signing a $2-$year note payable for $\backslash (\backslash$$ $21,600\backslash ).$ The equipment has a $4-$year useful life. The note has a $\backslash (6\backslash \%\backslash )$ interest rate which is payable on the first day of each following month.

$2$ Owner invested $\backslash (\backslash$$ $54,000\backslash )$ cash in the company.

$3$aid $\backslash (\backslash$$ $3,600\backslash )$ cash for a $12-$month insurance policy effective July $1.$

$3$ Paid the first $2($July and August $2027)$ months' rent for an annual lease of office space for $\backslash (\backslash$$ $4,300\backslash )$ per month.

$6$ Paid $\backslash (\backslash$$ $4,100\backslash )$ for supplies.

$9$ Visited client offices and agreed on the terms of a consulting project. Sheffield will bill the client, Connor Productions, on the $20$ th of each month for services performed.

$10$ Collected $\backslash (\backslash$$ $1,300\backslash )$ cash on account from Milani Brothers. This client was billed in June when Sheffield performed the service.

$13$ Performed services for Fitzgerald Enterprises. This client paid $\backslash (\backslash$$ $1,210\backslash )$ in advance last month. All services relating to this payment are now completed.

$14$ Paid $\backslash (\backslash$$ $430\backslash )$ cash for a utility bill. This related to June utilities that were accrued at the end of June.

$16$ Met with a new client, Thunder Bay Technologies. Received $\backslash (\backslash$$ $13,000\backslash )$ cash in advance for future services to be performed.

$18$ Paid semi$-$monthly salaries for $\backslash (\backslash$$ $11,900\backslash ).$

$20$ Performed services worth $\backslash (\backslash$$ $30,200\backslash )$ on account and billed customers.

$20$ Received a bill for $\backslash (\backslash$$ $2,400\backslash )$ for advertising services received during July. The amount is not due until August $15.$

$23$ Performed the first phase of the project for Thunder Bay Technologies. Recognized $\backslash (\backslash$$ $10,800\backslash )$ of revenue from the cash advance received July $16.$

$27$ Received $\backslash (\backslash$$ $16,200\backslash )$ cash from customers billed on July $20.$

$13$

Performed services for Fitzgerald Enterprises. This cilent paid $$1,210$ in advance last month. All services relating to

this payment are now completed.

$14$ Paid $$430$ cash for a utility bill. This related to June utilities that were accrued at the end of June.

$16$

Met with a new client, Thunder Bay Technologies. Recelved $$13,000$ cash in advance for future services to be

performed.

$18$ Paid semi$-$monthly salaries for $$11,900.$

$20$ Performed services worth $$30,200$ on account and billed customers.

$20$ Received a bill for $$2,400$ for advertising services received during July. The amount is not due until August $15.$

$23$ Performed the first phase of the project for Thunder Bay Technologics. Recognized $$10,800$ of revenue from the cash

advance received July $16.$

$27$ Received $$16,200$ cash from customers billed on July $20,$

Adjustment data:

Adjustment of prepaid insurance.

$2$

Adjustment of prepaid rent.

$3$

Supplies used, $$1,350.$

$4$

Equipment depreciation, $$550$ per month.

Accrual of interest on note payable.

Salaries for the second half of July, $$11,900,$ to be paid on August $1.$

Estimated utilities expense for July, $$860($invoice will be received in August$).$

july $1$ balance ledger accounts

Journalize the july transactions

Post to ledger account

trail balance at july $31$

Post adjusting entries for month ending in July $31$

Prepare an adjusting trail balance

Prepare an income statement for july

Prepare an owners equity statement for july

Classified balance sheet at july $31$

Journalize closing entries

Post closing trial balance at july $31$