Complete accounting cycle

Instructions

For the past several years, Steffy Lopez has operated a part$-$time consulting business from his home. As of July $1,20$Y$2,$ Steffy decided to n

Diamond entered into the following transactions d$$ring July:

Jul. $1$ The following assets were recelved from Steffy Lopez in exchange for common stock: cash, $$13,000$;

accounts receivable, $$20,800$; supplies, $$3,000$; and office equipment, $$7,000.$ 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, $$5,000.$

$5$ Purchased additional office equipment on account from Office Station Co$.,$ $$6,500.$

$6$ Received cash from clients on account, $$15,100.$

$10$ 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 $1-12,$ $$13,3.$j$0.$

$14$ Paid receptionist for two weeks' salary, $$1,800.$

Record the following transactions on Page $2$ of the journal:

Jul. $17$ Recorded cash from cash clients for fees earned during the period July $1-17,$ $$9,450.$

$18$ Paid 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 fees earned for the period July $17-24,$ $$5,000.$

$26$ Recelved cash from clients on account, $$12,000.$

$27$ Paid receptionist for two weeks' salary, $$1,800.$

$29$ Paid telephone bill for July, $$300.$

$31$ Paid electricity bill for July, $$675.$

$31$ Recorded cash from cash clients for fees earned for the period July $25-31,$ $$5,000.$

$31$ Recorded services provided on account for the remainder of July, $$3,000.$

$31$ Paid dividends, $$12,500.$

Please

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 ari 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 $$1,500.$

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 $31,$ $$3,000.$

$($Optional$)$ On your own paper or spreadsheet, enter the unadjusted trial balance on an end$-$of$-$periad 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 $31,20$Y$2.$ 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 $31,20$Y$2.$ 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 minues sign.

Please do it correctly and asend ur answer early pleasee i neeed quick help. Doo everything correctly and no mistakes