Complete accounting cycle Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance Income Statement Statement of Stockholders Equity Balance Sheet Post closing Trial Balance X Instructions For the past several years, Steffy Lopez has operated a part time consulting business from his home As of July 1, 20Y2, Steffy decided to move to rented quarters and to operate the business, which was to be known as Diamond 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, $13,500 accounts receivable, $20,800 supplies, $3,200 and office equipment, $7,500 There were no liabilities received 1 Paid two months rent on a lease rental contract, $4,800 2 Paid the premiums on property and casualty insurance policies, $4,500 4 Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,500 5 Purchased additional office equipment on account from 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 5, $5,200 12 Recorded services provided on account for the period July 112, $13,300 14 Paid receptionist for two weeks salary, $1,750 Record the following transactions on Page 2 of the journal Jul 17 Recorded cash from cash clients for fees earned during the period July 117, $9,450 18 Paid cash for supplies, $600 20 Recorded services provided on account for the period July 1320, $6,650 24 Recorded cash from cash clients for fees earned for the period July 1724, $4,000 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, $675 31 Recorded cash from cash clients for fees earned for the period July 2531, $5,200 31 Recorded services provided on account for the remainder of July, $3,000 31 Paid dividends, $12,500 Required 1 Journalize 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 ) 2 Post the journal to a ledger of four column accounts Add the appropriate posting reference to the journal 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 requirements (5) and (6) A Insurance expired during July is $375 B Supplies on hand on July 31 are $1,525 C Depreciation of office equipment for July is $750 D Accrued receptionist salary on July 31 is $175 E Rent expired during July is $2,400 F Unearned fees on July 31 are $2,750 5 (Optional) On your own paper or spreadsheet, enter the unadjusted 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, 20Y2 Be sure to complete the statement heading If 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, 20Y2 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 0 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 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

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Complete accounting cycle Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Unadjusted Trial Balance Adjusted Trial Balance Income Statement Statement of

Complete accounting cycle

Instructions

Chart of Accounts

Labels and Amount Descriptions

Work Sheet

Journal

Ledger

Unadjusted Trial Balance

Adjusted Trial Balance

Income Statement

Statement of Stockholders Equity

Balance Sheet

Post-closing Trial Balance

Instructions

For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 20Y2, Steffy decided to move to rented quarters and to operate the business, which was to be known as Diamond 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, $13,500; accounts receivable, $20,800; supplies, $3,200; and office equipment, $7,500. There were no liabilities received.
	1	Paid two months rent on a lease rental contract, $4,800.
	2	Paid the premiums on property and casualty insurance policies, $4,500.
	4	Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,500.
	5	Purchased additional office equipment on account from 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 5, $5,200.
	12	Recorded services provided on account for the period July 112, $13,300.
	14	Paid receptionist for two weeks salary, $1,750.

Record the following transactions on Page 2 of the journal:

Jul.	17	Recorded cash from cash clients for fees earned during the period July 117, $9,450.
	18	Paid cash for supplies, $600.
	20	Recorded services provided on account for the period July 1320, $6,650.
	24	Recorded cash from cash clients for fees earned for the period July 1724, $4,000.
	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, $675.
	31	Recorded cash from cash clients for fees earned for the period July 2531, $5,200.
	31	Recorded services provided on account for the remainder of July, $3,000.
	31	Paid dividends, $12,500.

Required:

Journalize 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).

A.	Insurance expired during July is $375.
B.	Supplies on hand on July 31 are $1,525.
C.	Depreciation of office equipment for July is $750.
D.	Accrued receptionist salary on July 31 is $175.
E.	Rent expired during July is $2,400.
F.	Unearned fees on July 31 are $2,750.

(Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet.

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.

Prepare an adjusted trial balance.

A.	Prepare an income statement for the month ended July 31, 20Y2. Be sure to complete the statement heading. If 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, 20Y2. 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 "0".
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 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.

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.