I am currently stuck on question a because i am unsure of which account each transaction would fall into while journalizing. Thank you.

Gronga AA Aa AatbC Astc AabC AalibCe PaBl aCri A0c Auo AstbCt Aa Asc Aoots AecD Nomal 1 No Spart n Heading 27 Sabe E tnph de ing Inane Sat Qele e Change yles Accounting Cyele Review Received an invoice for legal advice, $2,200. The amount is not doe until Augasti 20. (Mi se the Professional Fees Expense account) Completed the first phase of the project for lay Technologies Ltd. Recognized $10,000 of revenue from the cash advance peeviously received (see July t18 transaction). 20 ACR4-2 At June 30, 2018, the end of its most recent fiscal year, River Conaultants Ltd.'s post- closing trial balance was as follows 23 Debit Credit Cash $15230 Paid $500 inceme tax payable owing at the end of June, in addition to $1,200 for the July income tax instalment. Recrived $150o0 cash from Connor Productions in partial payment of the invoice issued on July 39 25 Accounts receivable 1,20o Supplies Accounts payable Income tax payable Unearned revenue 690 27 400 500 Declared and paid a $5,000 dividend 1,120 River Consultants receeds adjustments monthly. Adjustment data for the month of July are as follows LExpiry of insurance coverage (oee July 4 transaction) Common shares 3.600 Retained earnings 11,500 S17,120 317.120 The company underwent a major expansion in July, New staff was hired and more financing was obtained. River conducted the following transactions during July 20s8. July 3 Issued $30,000 of common shares for cash Adjustment of prepaid rent (see July 5 transaction) 3 Supplies used, $1,250 (see July 6 transaction) 4 Equipment depreciation, using the straight line method of depreciation (see July 6 traaction) Parchased inaurance coverage for a year, $3,600 Paid the first two (July and August 2038) months'rent for an annual lease of office space for $4,000 per month. (Hint: Use the Prepaid Rent account.) Purchased $3800 of supplies for cash. Purchased equipment, paying $4.000 cash and signing a two-year bank loan for $20,000. The equipment has a four-year usetul life. The bank loan has a 6% interest rate, which is payable on the first day of each following month 4 sAccrual of interest on bank loan (see July 6 transaction) Salaries for the second halfof July, $11,000, to be paid on August 7 Estimated utilities expenae for July, $8oo (invoice to be received in August) 6 6 Jatructions 6 (a) Record the above transactions (b) Set up T accounts, enter any opening balances, and post the general joumalentries prepared in part (a) Visited client offices and agreed on the terms of a consulting project. River will invoice the client, Connor Productions Ltd, on the 1oth of each month for work performed. Collected $1,200 on account from Milani Brothers Ltd. This client was invoiced in June when the service was provided Completed services for Mactaquac Inc. This client paid $1,120 in advance last month. All services relating to this payment are now completed. (int: Use the Fees Earned account.) Paid salaries for the first half of the month, $11.000. 10 (c) Prepare a trial balance at July 31 (d) Record andpost the July adjusting joumalentries (e) Prepare an adjusted trial balance at July 31 O Prepare (1) an income statement, (2)a statement of changes in equity, and (3) a statement 12 13 of financial position. () Prepare and post the closing journalentries, assuming River closes its books monthly. (h) River needs to maintain a currentratio of 2:1 in order to maintain its financial standing with its bankers. Caleulate the earrent ratio. Has it achieved the 2-to-1 benchmark 16 Paid a utility bill of $400. This related to June utilities that were accrued at the end of June 17 Met with a new elient, Bay Technologies. Received $12,000 cash in advance for future work to be performed. Invoiced Connor Productions for $28,000 of consulting fees peovided on account (int: Use the Fees Earned account.) 18 19 W Ps egel M eine Graga AasbcD AbcD AallbC AalibCe Adbl ABbCel AusbD Aanc AatbC AbcID AabCe AstbCet AscD M AABCD THomal 1 No Span Headng 1 Sebttie Sube T Enphain Intens tng Quate Tele rant Sries Accounting Cyele Review Received an invoice for legal advice, $2,300. The amount is not due until Augut 20. (nt: Use the Professional Fees Expense account.) Completed the first phase of the project for Bay Technologies Ltd. Recognized $10,000 of revenue from the cash advance previously received (see July s8 transaction). 20 ACR4-2 At June 30, 2018, the end of its most recent fiscal year, River Consultants Ltd.'s post- closing trial balance was as follows: 23 Debit Credit Cash $15.230 Paid $500 income tax payable owing at the end of June, in addition to $1,200 for the July income tax instalment. 25 Accounts receivable 1,200 Supplies 690 Received $15,000 cash from Connor Productions in partial payment of the invoice issued on July 19 27 Accounts payable 400 Income tax payable 500 300 Declared and paid a $5,000 dividend. Unearned revenue 1,120 River Consultants reconds adjustments monthly. Adjustment data for the month of July are as follows: Common shares 3.600 Retained earnings L Expiry of insurance coverage (see July 4 transaction) 2 Adjustment of prepaid rent (see Jully 5 transaction) 3 Supplies used, $1,250 (see July 6 transaction) Equipment depreciation, asing the straight-line method of depreciation (see July 6 11500 S17.120 S17.120 The company underwent a major expansion in July. New staff was hired and more financing Hwas obtained. River conduocted the following transactions daring July 2018 July 3 Issued $10,000 of common shares for cash. transaction) 4 Purchased insurance coverage tor a year, $3.600 S Accrual of interest on bank loan (see July 6 transaction) 6. Salaries for the second half of July, $11,000, to be paid on August 1 7. Estimated utilities expense for July, $800 (invoice to be received in Augast) Paid the first two (July and August 2018) months' rent for an annual lease of office space for $4,000 per month. (Nint: Use the Prepaid Rent account.) 5 6 Purchased $3800 of supplies for cash. Purchased equipment, paying $4,000 cash and signing a two year bank loan for $20,000. The equipment has a four-year useful lide. The bank loan has a 6% interest rate, which is payable on the first day of each following month Visited client offices and agreed on the terms of a consulting project. River will invoice the client, Connor Productions Ltd., on the 19th of each month for work performed. Collected $1,200 on account from Milani Brothers Ltd. This elient was invoiced in June when the service was provided Instructions 6 (a) Record the above transactions b) Set up T accounts, enter any opening balances, and post the general jourmal entries prepared in part (a). 10 (e) Prepare a trial balance at July 31. (d) Record and post the Jaly adjustingjoumal entries. (e) Prepare an adjusted trial balance at July 31 Prepare () an income statement, (2)a statement of changes in equity, and (3)a statement of financial position (8) Prepare and post the closing journalentries, assuming River closes its books monthly. (h) River needs to maintain a current ratio of 21 in order to maintain its financial standing with its bankers. Caleulate the current ratio. Hlas it achieved the 2-to-1 benchmark? 12 Completed services for Mactaquac Ine. This client paid $1,120 in advance last month. All services relating too this payment are now completed. (Nint: Use the Fees Earned account.) 13 16 Paid salaries for the first half of the month, $11,000. Paid a utility bill of $400. This related to June utilities that were accrued at the end of June 17 Met with a new client, Bay Technologies. Received $12,000 cash in advance for future work to be performed. 18 Invoiced Connor Productions for $28,000 of consulting fees provided on account. (Hint: Use the Fees Earned account.) 19 Gronga AA Aa AatbC Astc AabC AalibCe PaBl aCri A0c Auo AstbCt Aa Asc Aoots AecD Nomal 1 No Spart n Heading 27 Sabe E tnph de ing Inane Sat Qele e Change yles Accounting Cyele Review Received an invoice for legal advice, $2,200. The amount is not doe until Augasti 20. (Mi se the Professional Fees Expense account) Completed the first phase of the project for lay Technologies Ltd. Recognized $10,000 of revenue from the cash advance peeviously received (see July t18 transaction). 20 ACR4-2 At June 30, 2018, the end of its most recent fiscal year, River Conaultants Ltd.'s post- closing trial balance was as follows 23 Debit Credit Cash $15230 Paid $500 inceme tax payable owing at the end of June, in addition to $1,200 for the July income tax instalment. Recrived $150o0 cash from Connor Productions in partial payment of the invoice issued on July 39 25 Accounts receivable 1,20o Supplies Accounts payable Income tax payable Unearned revenue 690 27 400 500 Declared and paid a $5,000 dividend 1,120 River Consultants receeds adjustments monthly. Adjustment data for the month of July are as follows LExpiry of insurance coverage (oee July 4 transaction) Common shares 3.600 Retained earnings 11,500 S17,120 317.120 The company underwent a major expansion in July, New staff was hired and more financing was obtained. River conducted the following transactions during July 20s8. July 3 Issued $30,000 of common shares for cash Adjustment of prepaid rent (see July 5 transaction) 3 Supplies used, $1,250 (see July 6 transaction) 4 Equipment depreciation, using the straight line method of depreciation (see July 6 traaction) Parchased inaurance coverage for a year, $3,600 Paid the first two (July and August 2038) months'rent for an annual lease of office space for $4,000 per month. (Hint: Use the Prepaid Rent account.) Purchased $3800 of supplies for cash. Purchased equipment, paying $4.000 cash and signing a two-year bank loan for $20,000. The equipment has a four-year usetul life. The bank loan has a 6% interest rate, which is payable on the first day of each following month 4 sAccrual of interest on bank loan (see July 6 transaction) Salaries for the second halfof July, $11,000, to be paid on August 7 Estimated utilities expenae for July, $8oo (invoice to be received in August) 6 6 Jatructions 6 (a) Record the above transactions (b) Set up T accounts, enter any opening balances, and post the general joumalentries prepared in part (a) Visited client offices and agreed on the terms of a consulting project. River will invoice the client, Connor Productions Ltd, on the 1oth of each month for work performed. Collected $1,200 on account from Milani Brothers Ltd. This client was invoiced in June when the service was provided Completed services for Mactaquac Inc. This client paid $1,120 in advance last month. All services relating to this payment are now completed. (int: Use the Fees Earned account.) Paid salaries for the first half of the month, $11.000. 10 (c) Prepare a trial balance at July 31 (d) Record andpost the July adjusting joumalentries (e) Prepare an adjusted trial balance at July 31 O Prepare (1) an income statement, (2)a statement of changes in equity, and (3) a statement 12 13 of financial position. () Prepare and post the closing journalentries, assuming River closes its books monthly. (h) River needs to maintain a currentratio of 2:1 in order to maintain its financial standing with its bankers. Caleulate the earrent ratio. Has it achieved the 2-to-1 benchmark 16 Paid a utility bill of $400. This related to June utilities that were accrued at the end of June 17 Met with a new elient, Bay Technologies. Received $12,000 cash in advance for future work to be performed. Invoiced Connor Productions for $28,000 of consulting fees peovided on account (int: Use the Fees Earned account.) 18 19 W Ps egel M eine Graga AasbcD AbcD AallbC AalibCe Adbl ABbCel AusbD Aanc AatbC AbcID AabCe AstbCet AscD M AABCD THomal 1 No Span Headng 1 Sebttie Sube T Enphain Intens tng Quate Tele rant Sries Accounting Cyele Review Received an invoice for legal advice, $2,300. The amount is not due until Augut 20. (nt: Use the Professional Fees Expense account.) Completed the first phase of the project for Bay Technologies Ltd. Recognized $10,000 of revenue from the cash advance previously received (see July s8 transaction). 20 ACR4-2 At June 30, 2018, the end of its most recent fiscal year, River Consultants Ltd.'s post- closing trial balance was as follows: 23 Debit Credit Cash $15.230 Paid $500 income tax payable owing at the end of June, in addition to $1,200 for the July income tax instalment. 25 Accounts receivable 1,200 Supplies 690 Received $15,000 cash from Connor Productions in partial payment of the invoice issued on July 19 27 Accounts payable 400 Income tax payable 500 300 Declared and paid a $5,000 dividend. Unearned revenue 1,120 River Consultants reconds adjustments monthly. Adjustment data for the month of July are as follows: Common shares 3.600 Retained earnings L Expiry of insurance coverage (see July 4 transaction) 2 Adjustment of prepaid rent (see Jully 5 transaction) 3 Supplies used, $1,250 (see July 6 transaction) Equipment depreciation, asing the straight-line method of depreciation (see July 6 11500 S17.120 S17.120 The company underwent a major expansion in July. New staff was hired and more financing Hwas obtained. River conduocted the following transactions daring July 2018 July 3 Issued $10,000 of common shares for cash. transaction) 4 Purchased insurance coverage tor a year, $3.600 S Accrual of interest on bank loan (see July 6 transaction) 6. Salaries for the second half of July, $11,000, to be paid on August 1 7. Estimated utilities expense for July, $800 (invoice to be received in Augast) Paid the first two (July and August 2018) months' rent for an annual lease of office space for $4,000 per month. (Nint: Use the Prepaid Rent account.) 5 6 Purchased $3800 of supplies for cash. Purchased equipment, paying $4,000 cash and signing a two year bank loan for $20,000. The equipment has a four-year useful lide. The bank loan has a 6% interest rate, which is payable on the first day of each following month Visited client offices and agreed on the terms of a consulting project. River will invoice the client, Connor Productions Ltd., on the 19th of each month for work performed. Collected $1,200 on account from Milani Brothers Ltd. This elient was invoiced in June when the service was provided Instructions 6 (a) Record the above transactions b) Set up T accounts, enter any opening balances, and post the general jourmal entries prepared in part (a). 10 (e) Prepare a trial balance at July 31. (d) Record and post the Jaly adjustingjoumal entries. (e) Prepare an adjusted trial balance at July 31 Prepare () an income statement, (2)a statement of changes in equity, and (3)a statement of financial position (8) Prepare and post the closing journalentries, assuming River closes its books monthly. (h) River needs to maintain a current ratio of 21 in order to maintain its financial standing with its bankers. Caleulate the current ratio. Hlas it achieved the 2-to-1 benchmark? 12 Completed services for Mactaquac Ine. This client paid $1,120 in advance last month. All services relating too this payment are now completed. (Nint: Use the Fees Earned account.) 13 16 Paid salaries for the first half of the month, $11,000. Paid a utility bill of $400. This related to June utilities that were accrued at the end of June 17 Met with a new client, Bay Technologies. Received $12,000 cash in advance for future work to be performed. 18 Invoiced Connor Productions for $28,000 of consulting fees provided on account. (Hint: Use the Fees Earned account.) 19