Ashley somers owns san diego art company, a firm providing designs for advertisers, market analysts, and others. on july 1, the business's general ledger showed the following normal account balances: cash $10,900 accounts payable $2,400accounts receivable 10,200 notes payable 5,400common stock 10,900retained earnings 2,400total assets $21,100 total liabilities and stockholders' equity $21,100the following transactions occurred during the month of july: july 1 paid july rent, $1,070.2 collected $8,500 on account from customers.3 paid $2,900 installment due on the $5,400 noninterest-bearing note payable.4 billed customers for design services rendered on account, $19,950.5 rendered design services and collected from cash customers, $1,600.6 paid $2,100 to creditors on account.7 collected $15,150 on account from customers.8 paid a delivery service for delivery of graphics to commercial firms, $800.9 paid july salaries, $5,000.10 received invoice for july advertising expense, to be paid in august, $1,000.11 paid utilities for july, $750.12 the business paid a $2,400 cash dividend.13 received invoice for supplies used in july, to be paid in august, $2,660.14 purchased computer for $4,700 cash to be used in business starting next month. required: a. set up accounts for the general ledger accounts with july 1 balances and enter the beginning balances. also provide the following accounts: equipment; dividends; service fees earned; rent expense; salaries expense; delivery expense; advertising expense; utilities expense; and supplies expense. prepare journal entries and record the listed transactions in the appropriate t-accounts.