Complete accounting cycle Chart of Accounts Work Sheet Journal UI Labels and Amount Descriptions Instructions Ledger Instructions For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 2012, Steffy decided to me Consulting, on a full-time basis, Diamond entered into the following transactions during July Jul. 1 The following assets were received from Steffy Lopez in exchange for common stock: cash. 812,500 accounts receivable, 520,800; supplies, $3,200; and office equipment, $7,000. There were no liabilities received 1 Paid two months' rent on a lease rental contract, $4,800. 2 4 6 Paid the premiums on property and casualty insurance policies, 54,880. Received cash from dients as an advance payment for services to be provided, and recorded it as unearned fees, 55,500 5 Purchased additional office equipment on account from Office Station Co., 50,500. Received cash from clients on account. 515.100. Paid cash for a newspaper advertisement. $400. Paid Office Station Co for part of the debt incurred on July 5, $5,200. Recorded services provided on account for the period July 112. 13.300. Paid receptionist for two weeks' salary: $1.800. 10 12 12 14 Record the following transactions on Page 2 of the journal 17 Recorded cash from canh clients for fees earned during the period July 1-17, 50,450 Paid cash for supplies, 5600 18 12 Recorded services provided on account for the period July 1-12. $13,300. Paid receptionist for two weeks salary. $1,800. 14 Record the following transactions on Page 2 of the joumal: Jul 17 Recorded cash from cash clients for fees earned during the period July 1-17. 59.450. 18 Paid cash for supplies, $600. 20 Recorded services provided on account for the period July 13-20. $8,850. 24 Recorded cash from cash clients for fees earned for the period July 17-24, $4,000. 28 Received cash from clients on account, $12,000. 27 Paid receptionist for two weeks salary, S1,800. 2e Paid telephone bill for July, S350 31 Paid electricity bill for July, 5675. 31 Recorded cash from cash clients for fees earned for the period July 25-31. 55.300. 31 Recorded services provided on account for the remainder of July. $3,000. 31 Paid dividends. $12.500 Required: 1. Joumalize each transaction in a two-column joumal starting on Page 1. referring to the chart of accounts in se debited and credited. (Do not insert the account number in the journal at this time) 2 Post the journal to a lediger of four-column accounts. Add the appropriate posting reference to the joumal 3 Prepare an unadjusted trial balance 4. At the end of July, the following adjustment data were assembled Analyze and use these data to complete rec A Insurance expired during July is $405. B Supplies on hand on July 31 are $1,550 JOURNAL ACCOUNTING EQU DATE DESCRIPTION POST REF CREDIT ASSETS LABILITIES 1 Jul1 Cash DEBIT 12,500.00 20,800.00 2 Accounts Receivable 1 3 Supplies Office Equipment 3,200.00 7,000.00 4 . 5 Common Stock 43,500.00 J1 Prepaid Rent 4,800.00 1 Cash 4,800.00 1 JULZ Prepaid Insurance 9 Cash 10 Jul4 Cash Uneamed Fees 12 Jul 5 Office Equipment 16 10 c 1 JOURNAL ACC DATE DESCRIPTION POST REE DEBIT CREDIT ASSETS 1 2 3 3 10 11 11 24 11 balances in the accounts affected Leave me LEDGER Account: Cash Account: Accounts Receivable Account Supplies Account: Prepaid Rent Account: Prepaid Insurange Account: Office Equipment Account: Accumulated Depreciation Account: Accounts Payable Account: Salaries Payable Account: Uneamed Fees Account: Common Stock Account: Retained Earnings Account: Dividends Account: Fees Earned Account: Salary Expense Account: Rent Expense Account: Supplies Expense Account: Depreciation Expense Account Insurance Expense Account Miscellaneous Expense Unadjusted Tral Balance Diamond Consulting UNADJUSTED TRIAL BALANCE July 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Rent S Prepaid Insurance + Office Equipment 7 Accumulated Depreciation $Accounts Payable Salaries Payable 10 Unearned Fees 1. Common Stock 12 Retained Earnings 13 Dividends 16. Fees Earned 15 Salary Expense E Rent Expense Supplies Expense Depreciation Expense ice cuipiell 7 Accumulated Depreciation 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 01 Common Stock 12 Retained Earnings 13 Dividends 14 Fees Earned 15 Salary Expense 1 Rent Expense 17 Supplies Expense 19 Depreciation Expense 29 Insurance Expense 70 Miscellaneous Expense 2 Totals Adjusted Trial Balance 7 Prepare an adjusted trial balance Diamond Consulting ADJUSTED TRIAL BALANCE July 31, 20Y2 DEBIT CREDIT ACCOUNT TITLE 1 Cash 2 Accounts Receivable 3 Supplies Prepaid Rent Prepaid Insurance Office Equipment 7 Accumulated Depreciation $ Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Common Stock Retained Earnings 15 Dividends * Fees Earned fu 15 Salary Expense Rent Expense Supplies Expense Depreciation Expense Sa. Prepare an income statement for the month ended July 31, 2012. Be sure to complete the statement heading Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. You will nc Diamond Consulting Income Statement (Label) 1 2 (Label) . 5 7 9 30 Statement of Stockholders Equity 86 Prepare a statement of stockholders equity for the month ended July 31 2042 Be sure to complete the statem Descriptions provided for the exact wording of the answer choices for text entries an amount is zero enter Sb. Prepare a statement of stockholders' equity for the month ended July 31, 2012. Be sure to complete the statement heading. Nee Descriptions provided for the exact wording of the answer choices for text entries. If an amount is zero, enter "O" Diamond Consulting Statement of Stockholders' Equity (Label) Common Stock Retained Earnings Total 2 Balance Sheet 8c Prepare a balance sheet as of July 31, 2012 Be sure to complete the statement heading Fixed assets must be entered in order = for the exact wording of the answer choices for text entries. You will not need to enter colons (or the word "Less" on the balance she minus sign Diamond Consulting Balance Chat for the exact wording of the answer choices for text entries. You will not need to enter colons () or the wo minus sign Diamond Consulting Balance Sheet (Label) Assets 2 (Label) 4 5 $ 9 Label) AD S: c 12 :: Labibie 15 dabei 10. Prepare a post-closi to Dalla Diamond Consulting POST-CLOSING TRIAL BALANCE July 31, 20Y2 DEBIT CREDIT ACCOUNT TITLE 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Rent $ Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Common Stock 12 Retained Earnings 13 Totals All work saved