Chapter 4 Completing the Accounting Cycle 215 PR 4-5A Complete accounting cycle ome: For the past several years, Steffy Lopez has obj, 4,5 ,475 home. As of operated a part-time consulting business from his ness, which July 1, 2018, Steffy decided to move to rented quarters and to operate the busi- into the was to be known as Diamond Consulting, on a full-time basis, Diamond entered following transactions during July: July 1. The wee received from Steffy Lopez in echange forcommon stock cash, s13,soo accounts receivable, $20,800, supplies,$3,200, and office equipment $7.500.Therewere no liabilities received MPLATE 1. Paid two months' rent on a lease rental contract, $4,800. 2. Paid the premiums on property and casualtyinsurancepolicies,$4,500 4 from clients as an advance payment for services to be provided, and recordeditas unearned fees,$5,500. 5. Purchased additionaloffice equipment on account fromoffice StationCo.$6,500. ,6. Received cash from clients on account $15300 10. Paid cash for anewspaperadvertisement,$400. 12. Paidoffice Station Co for part of the debt incurred on July 5, $5,200. 12. Recorded services providedon ascount for the period July 1-12,$13,300. 14. Paid receptionist for two weeks salary, $1750. Record the following transactions on Aage 2 of the journal 17. Recorded cash from cash clients for fees earned during the period July 1-17,s9,450. 18. Paid cash for supplies, $600. 20. Recorded services providedon account for the period July 13-20, $6650. 24, Recorded cash from cash clients for fees earned for the period uly 17-24, s4.000. 26, Received cash from clients on account, $12,000. 27. Paid receptionist for two weeks salary $1,750. 29 Paid telephone bill for July,$325 31 Paid electricity bill for July, S67s cash from cash clients for fees earned for the period July 25-31, S5.200. Recorded services provided on account for the remainder of July, $3,000. 31. Paid dividends, $12,500