Complete accounting cycle Instruction Chart of Accounts Label and Amount Descriptions Worksheet Journal Ledger Jul 1 Instructions For the past several years. Stutty Lopez has operated a part-time consulting business from his home. As of May 1, 2072. Stetty decided to move to rented counters and to operate the business, which was to be known as Diamond Consulting, on a full-time basis Diamond entered into the following transaction during way 1. The following assets were received from Soy Lopez les exchance for common stock cash $13.000 accounts receivable 520,800: Uppies, $3.200; and office equipment, 87.500. There were nobis received Pald two month rent on a loute rental contract, 4600 Paid the premium on property and canunty sarunce policies. 54.300 Recurved cash from clients as an advance payment for services to be provided, and recorded as named foes, 55.000 Purchased adalona office equipment on account from Onice Station Co. 56.000 Received cash from clients on account. 515,000 Paid cash for a newspaper advertisement 500 Paid Office Station Color part of the incurred on July 5.55,200 Recorded services provided on account for the period ay 1-12.513,3 Paid receptionist for two weeks' salary1.300 2 4 5 10 12 12 16 Instructions Record the following transactions on Page 2 of the journal: Jul 17 26 Recorded cash from cash clients for tees earned during the period July 1-17, $9,450. 18 Pald cash for supplies, $600. 20 Recorded services provided on account for the period July 13-20, $6,650. 24 Recorded cash from cash clients for tees earned for the period July 17-24, S4,500 Received cash from clients on account, $12,000 Paid receptionist for two weeks' salary, $1,800 Pald telephone bill for July $325. Paid electricity bill for July, $675, Recorded cash from cash clients for fees earned for the period July 25-31, 55,400 Recorded services provided on account for the remainder of July, $3,000 31 Pald dividends. $12,500. 27 29 31 31 31 Required: 1. Journalizo each transaction in a two-column Journal starting on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Post the journal to a ledger of four column accounts. Add the appropriate posting reference to the journal. Prepare an unadjusted trial balance. At the end of July, the following adjustment data were assembled. Analyze and use these data to complete requirements (5) and (6). 2 3 4 nstructions 4. At the end of July, the following adjustment data were assembled. Analyze and use these data to complete requirements (5) and (6). A. Insurance expired during July is $405 B. Supplies on hand on July 31 are $1,600. C. Depreciation of office equipment for July is $750. D. Accrued receptionist salary on July 31 is $180 E. Rent expired during July is $2,400 F Unearned fees earned on July 31, $2,500 5. (Optional) On your own paper or spreadsheet, enter the uradjusted trial balance on an end-of-period work sheet and complete the work sheet. 6. A. Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 31. Refer to the Chart of Accounts for exact wording of account titles. B. Post the adjusting entries, inserting balances in the accounts affected. 7. Prepare an adjusted trial balance. 8. A. Prepare an income statement for the month ended July 31, 2012. Be sure to complete the statement heading. I a net loss has been incurred, enter that amount as a negative number using a minus sign. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. You will not need to enter colons() on the income statement. B. Prepare a statement of stockholders' equity for the month ended July 31, 2012. Be sure to complete the statement heading. Negative amount should be indicated by the minus sign. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. If an amount is zero, enter "o" C. Prepare a balance sheet as of July 31, 20Y2. Be sure to complete the statement heading. Fixed assets must be entered in order according to account number. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer cholces for text wie mir sign. Heler to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. If an amount is zero, enter "O". C. Prepare a balance sheet as of July 31, 20Y2. Be sure to complete the statement heading. Fixed assets must be entered in order accordir to account number. Refer to the Accounts, Labels and Amount Descriptions provided 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 sheet; they will automatically insert where necessary, Negative amount should be indicated by the minus sign. 9. A. Journalize the closing entries on page 4 of the journal. Refer to the Chart of Accounts for exact wording of account titles. B. Post the closing entries, inserting balances in the accounts affected. Leave the ITEM column BLANK for each row. If the account balance is zero (0) after closing entries are posted, enter a zero (0) in the account's normal balance column. 10. Prepare a post-closing trial balance. Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Month Ended July 31, 20Y2 July 31, 20Y2 Property, plant, and equipment Revenues Amount Descriptions Balances, July 1, 20Y2 Balances, July 31, 20Y2 Labels and Amount Descriptions Balances, July 31, 20Y2 Dividends Issued common stock Net income Net loss Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders' equity Total property, plant, and equipment Total stockholders' equity Complete accounting cycle Inntructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Ledger LEDGER Account No. 11 Account No. 12 Account No. 14 Account No. 15 Account Cash Account Accounts Receivable Account Supplies Account Prepaid Runt Account: Prepaid Insurance Account Office Equipment Account: Accumulated Depreciation Account Accounts Payable Account: Salaries Payable Account: Unearned Fees Account Common Stock Account Retained Earnings Account No. 16 Account No. 18 Account No. 19 Account No. 21 Account No. 22 Account No. 23 Account No. 31 Account No. 32