Only needs July 1 balances for the ledger accounts.

At June 30, 2017, the end of its most recent fiscal year, Swifty Computer Consultants' post-closing trial balance was as follows: Debit Credit Cash $6,170 Accounts receivable 1,420 Supplies 810 Accounts payable $470 Unearned service revenue 1,320 Common stock 4,200 Retained earnings 2,410 $8,400 $8,400 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Swifty conducted the following transactions during July 2017, and adjusts its accounts monthly. July 1 Purchased equipment, paying $5,200 cash and signing a 2-year note payable for $23,600. The equipment has a 4-year useful life. The note has a 6% interest rate which is payable on the first day of each following month. 2 Issued 23,600 shares of common stock for $59,000 cash. 3 Paid $4,200 cash for a 12-month insurance policy effective July 1. 3 Paid the first 2 (July and August 2017) months' rent for an annual lease of office space for $4,700 per month. 6 Paid $4,500 for supplies. Visited client offices and agreed on the terms of a consulting project. Swifty will bill the client, Connor Productions, on the 20th of each month for services performed. 10 Collected $1,420 cash on account from Milani Brothers. This client was billed in June when Swifty performed the service. Performed services for Fitzgerald Enterprises. This client paid $1,320 in advance last month. All services relating to this payment are now completed. 14 Paid $470 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 $14,200 cash in advance for future services to be performed. 18 Paid semi-monthly salaries for $13,000. 20 Performed services worth $33,000 on account and billed customers. U U TJUU TUI JUPPIJ. Visited client offices and agreed on the terms of a consulting project. Swifty will bill the client, Connor Productions, on the 20th of each month for services performed. Collected $1,420 cash on account from Milani Brothers. This client was billed in June when Swifty performed the service. 19 Performed services for Fitzgerald Enterprises. This client paid $1,320 in advance last month. All services relating to this payment are now completed 14 Paid $470 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 $14,200 cash in advance for future services to be performed. 18 Paid semi-monthly salaries for $13,000. 20 Performed services worth $33,000 on account and billed customers. 20 Received a bill for $2,600 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 $11.800 of revenue from the cash advance received July 16. 27 Received $17.700 cash from customers billed on July 20. Adjustment data: 1. Adjustment of prepaid insurance. 2. Adjustment of prepaid rent. 3. Supplies used, $1,500. 4. Equipment depreciation, $600 per month. 5. Accrual of interest on note payable. 6. Salaries for the second half of July, $13,000, to be paid on August 1. 7. Estimated utilities expense for July, $940 (invoice will be received in August). 8. Income tax for July, $1,420, will be paid in August. Enter the July 1 balances in the ledger accounts. Cash Accounts Receivable Supplies Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Common Stock Retained Earnings