Chapter 4 Completing the Accounting Cycle 215 PR 4-5A Complete accounting cycle Obj. 4,5 et income: For the past several years, Steffy Lopez operated a part-time consulting business from his $33475 home. As of July 1, 2018, Steffy decided to move to rented quarters and to operate the busi- ness, which was to be known as Diamond Consulting, on a full-time basis. Diamond entered into the following transactions during July: July 1. The followingassets were receivedfrom SteffyLopez in echange forcommon spck cash, s13.soo; accountsreceivable,$20,800, supplies,$3,200 andoffice equipment, S7,500.There were no liabilities 1 Paid two months rent on a lease rental contract, $4,800. 2. Paid the premiumson property and casualty insurance policies,s4,500 4 Received cash from clients as an advance payment for services to be provided, andrecordeditas unearned fees,$5,500. 5. Purchased additional office equipment on accountfrom Office Station Co $6,500. 6. Received cash from clients on account, $15,300. 10, Paid cash for a newspaper advertisement $400. 12. Paid office Station Co. for part of the debt incurred on July S $5.200. 12 Recorded services providedon account the period July 1-12 s13,300. for 14, Paid receptionist for two weeks' salary, $1750. Record the following transactions on Age 2 of the journal 17 Recorded cash from cash clients for feesearned during the period July 1-17,S9A50 18 Paid cash for supplies, $600. 20 Recorded services provided on account for the period July 13-20,$6650. 24. Recorded cash from cash clientsforfeesearned for the period July 17-24, S4.000, 26 Received cash from clients on account,$12000 27, Paid receptionist for two weeks salary, $1,750 29 Paid telephone bill for July,$325 31. Paidelectricity bill for Mly $675. 31 Recorded cash from cash clients for fees earned for the period July 25-31,$5,200. 31 Recorded services provided on account for the remainder ofJuly $3.000 Paid dividend $12,500