Diamond entered into the following transactions during July: Jul. 1 The following assets were received from Steffy Lopez in exchange for common stock: cash, $14,000; accounts receivable, $20,800; supplies, $3,100; 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, $4,620. 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 112,$13,300. 14 Paid receptionist for two weeks' salary, $1,700. 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,$6,750. 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, $1,700. 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,$5,400. 31 Recorded services provided on account for the remainder of July, $3,000. 31 Paid dividends, $12,500. 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 $385. (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 $170. (e) Rent expired during July is $2,400. (f) Unearned fees on July 31 are $2,500. 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 . 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, 20 Y2. B. Prepare a statement of stockholders' equity for the month ended July 31,20Y2. C. Prepare a balance sheet as of July 31,20 Y 2. 9. A. Journalize the closing entries on page 4 of the journal. B. Post the closing entries, inserting balances in the accounts affected. 10. Prepare a post-closing trial balance. CHART OF ACCOUNTS Diamond Consulting General Ledger \begin{tabular}{lc} \multicolumn{1}{c}{ ASSETS } & REVENUE \\ 11 Cash & 41 Fees Earned \\ 12 Accounts Receivable & \\ 14 Supplies & EXPENSES \\ 15 Prepaid Rent & 51 Salary Expense \\ 16 Prepaid Insurance & 52 Rent Expense \\ 18 Office Equipment & 53 Supplies Expense \\ 19 Accumulated Depreciation & 54 Depreciation Expense \\ & 55 Insurance Expense \\ LIABILITIES & 59 Miscellaneous Expense \\ 21 Accounts Payable & \\ 22 Salaries Payable & \\ 23 Unearned Fees & \end{tabular} EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 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 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