Chapter 4 completing the Accounting cycle 215 PR 45A Complete accounting cycle Net income: For the past several years, Steffy Lopez has operated a part-time Obi, 4, 5 home. As of July consulting business from his 1, 2018, Steffy decided to move to quarters and to operate the busi- ness, which was to be kn as Diamond Consulting, on a full-time basis. Diamond entered own into the following transactions during July 1. The following assets receivedfrom SteffyLopez in exchange for common stock cash, accounts receivable,$20,800 supplies,S3200, and office equipmen There were no liabilities ENCEL TEUNATE 2 paid the premiums on property and casualtyinsurance policies 500 4. Received cash from clients as an advance payment for servicestobe provided and recorded it as unearnedfees, $5.500. s. rchasedadditional office equipment on accountfrom officestationco.s6soo 6 Received cash from clients on account,$15.300 10. Paidcashforanewspaper advertisement,$400. 12. Paidomcestationco for part ofthe debt incurred on Julys, ss 200 12. Recorded services providedon account for the perioduuly 1-12,s13300 14. Paid receptionist for two weeks salan, $1.250 Record the following transactions on Age 2 of the journal 17 Recorded cash from cash clients for fees earned during the period uly 1-17, s9Aso 8 Paid cash for supplies, $600 20 Recordedservices provided on account for the perioduly13-20, $6650 24 Recorded cash from cashdientsforfeesearned for the period uly 17-24s4000. 26 Received cash from clientson account s 12000 27 Padreceptonist for two weeks salary s17so. 29 Paid telephone bill for July $325 31 Paidelectricity bill for July,S67s 31. Recorded cash from cashdients for fees earned for the period July2s 31.55.200 3 Recorded services provided on account for the remainder of ssooo 31 Paid dividends, S12,500