eBook TE Spreadsheet Complete accounting cycle Instructions Chart of Accounts Labels and Amount Descriptions Work Sheet Journal Ledger Instruction For the past several years, Stetty Lopez has operated a pars.time consulting business from his home. As of Jay 1, 2012, Stetty 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 1 2 4 The following assets were received from Steffy Lopez in exchange for common stock cash $13,500, accounts receivable, 520,800 supplies, 53.200 and office equipment, $7.500 There were no saben received Paid two montrent on a teane vental contract 54.000 Paid the premiums on property and casualty insurance policies. $4,500 Received cash from clients as an advance payment for services to be provided, and recorded it as neamed oes 55.500 Purchased additional office equipment on account front Oce Station Co. 86,500 Received cash from ones on account, 515.300 Paid cash for a newspaper advertisement, 5400 Paid Onice Station Go for part of the debt nourred on July 5, 56,200 Recorded services provided on account for the period July 1:12,315,300 Paid receptionist for two weeks stary, 51,750 0 10 12 14 Recor me following transactions on Page 2 of the journal 17 12 Recorded cash from cash cints fortes camned during the penduly 1-17, 19,400 Pald cash for supplie, 5000 Recorded services provided on account for the period July 13 20.00 20 cbook 1. Spreadsheet Recor the following transactions on Page 2 of the journal Jul 18 20 24 27 29 Recorded cash from canh ctens tor toen earmed during the period July 117.89 400 Paid cash for supplies, 5000 Recorded services provided on account for the period July 13-20.56,650 Recorded cash from cash lents for fees camned for the period July 17-20, 54,000 Received cash from clients on account. $12,000. Paid receptionist for two weeks' salary, 51.750 Paid telephone for July $325 Paid electricity bill for July 5678 Recorded cash from cash clients fortes earned for the period July 25-31, 55,200 Recorded services provided on account for the remainder of July. 33.000 Paldiends $12.500 31 31 31 Required 1. Joumaise each transaction in a two column journal starting on Page 1. ferring to the chart of accounts in colecting the accounts to be bined and credited Do not insert the account numbers in the journal at this time) Pour the joumar to a wage of four column account. Add the appropriate posting reference to the ouma 3. Prepare an unausted trial balance 4. At the end of July, the following aquatment data were assembled Analyze and use these date to complete requirements () and (b) Amrance expred during July is $375 Supplies on hand on July 31 are $1.525 Depreciation of office equipment for Jy is $750 De Acerved receptionat salary on July 31 is $175, E Pentexpired during a $2.400 EUneamed fason July 31 are $2.750 5. Options on your own paper or spreadsheet, enter the adjusted trial balance on an end-o period worksheet and complete the work eBook Spreadsheet F. Uneamed oes on JyJt 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 6 A. Joumalize the adjusting entries an age 3 of the journal Adjusting entries are recorded on Jay 31. Refer to the Chart of Accounts for exact worting of accounties 8. Poat the aquating entries inserting balances in the accounts affected 7. Prepare an austed trial balance & A. Prepare an income statement for the month ended July 31, 20Y2 Be sure to complete the statement heading. Ita nef loss has been incurred enter that amount as a negative number using a mun 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 . Prepare a statement of stockholders equity for the month ended July 31, 2012. Be sure to complete me statement reading. Negative amount should be indicated by the minus sigt Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entre an amount le 20/0 enter" . Prepare a balance sheer as of July 31, 2012. Be sure to complete the statement ending. Fored assets must be entered in order according to account number. Refer to the Accounts, Label and Amount Descriptione provided for the exact wording of the answer choice for text entries. You will not need to enter colone () or the word less on the balance sheet they wiw automatically insert where necessary Negative amour should be indicated by the minus sign A Journaize the closing entries on page 4 of the journal. Refor to the Chart of Accounts for eract wording of account ines B. Prist the coming entries. Inserting balances in the accounts affected leave the ITEM column BLANK for each row, ie the account balance zero (O) after closing entries are posted enter a zwo (0) in the accomia now balance com. 10. Prepare a post-coaing til balance Chart of Accounts Chart of Accounts CHART OF ACCOUNTS Diamond Consulting General Ledger ASSETS REVENUE 41 Fees Eamed 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid insurance 18 Once Equipment 19 Accumulated Depreciation EXPENSES 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Linearned Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends BOOK spreadsheet Label and Amount Descriptions Labels Current Current as Expenses For the Month Ende July 21, 2012 July 31, 2012 Property, plant, and equipment Revenues Amount Descriptions Batanes, July 1, 2012 Batanom, July 31, 2012 Dividends Issued common stock Net Income Net Total asset Total current assets Taxpenses Total Totallies and stockholders equity Total property, plant and equipment Total stockholders equity