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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-equipmer $ 5,930 Deferred revenue 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. July 2 7 14 Paid $1,600 for two months' rent in advance for July and August Purchased $220 of supplies on account. Collected half of outstanding accounts receivable. Borrowed $1,000 from the bank for one year at an interest rate of 5% Received $1,030 cash from a customer for services to be performed in August, 15 21 28 Performed $1,360 of services to a customer on account Additional information: 1. At July 31, the company had performed $840 of services for a client that it had not billed or recorded, 2 Recorded rent expense for the month 3. 4. Supplies on hand at July 31 were $500, The equipment has a five-year useful life and uses straight-line depreciation. Interest is due on the bank loan on the first day of each following month, beginning August 1. As at July 31, the company owed $2,310 of salaries to its employees for the month just ended. 5. 6. 7 As at July 31, the company had earned $1,810 of revenue that had been paid in advance. (a) Record the July transactions. (Record joumal entries in the order presented in the problem. List all debit entries before credit entries Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit

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