For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance.

Jul.	1	The following assets were received from Jolene Upton: cash, $19,000; accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received.
	1	Paid three months rent on a lease rental contract, $6,000.
	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, $8,000.
	5	Purchased additional office equipment on account from Office Necessities Co., $5,100.
	6	Received cash from clients on account, $12,750.
	10	Paid cash for a newspaper advertisement, $500.
	12	Paid Office Necessities Co. for part of the debt incurred on July 5, $3,000.
	12	Provided services on account for the period July 112, $14,200.
	14	Paid receptionist for two weeks salary, $1,500.

Record the following transactions on Page 2 of the journal:

Jul.	17	Received cash from cash clients for fees earned during the period July 117, $10,400.
	18	Paid cash for supplies, $1,000.
	20	Provided services on account for the period July 1320, $9,000.
	24	Received cash from cash clients for fees earned for the period July 1724, $8,500.
	26	Received cash from clients on account, $12,000.
	27	Paid receptionist for two weeks salary, $1,500.
	29	Paid telephone bill for July, $325.
	31	Paid electricity bill for July, $675.
	31	Received cash from cash clients for fees earned for the period July 2531, $7,100.
	31	Provided services on account for the remainder of July, $5,500.

At the end of July, the following adjustment data were assembled.

	Insurance expired during July is $375.
	Supplies on hand on July 31 are $2,850.
	Depreciation of office equipment for July is $400.
	Accrued receptionist salary on July 31 is $140.
	Rent expired during July is $2,000.
	Unearned fees on July 31 are $3,000.

CHART OF ACCOUNTS

Gourmet Consulting

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
14	Supplies
15	Prepaid Rent
16	Prepaid Insurance
18	Office Equipment
19	Accumulated Depreciation-Office Equipment

	LIABILITIES
21	Accounts Payable
22	Salaries Payable
23	Unearned Fees

	EQUITY
31	Jolene Upton, Capital
32	Jolene Upton, Drawing
33	Income Summary

	REVENUE
41	Fees Earned

	EXPENSES
51	Salary Expense
52	Rent Expense
53	Supplies Expense
54	Depreciation Expense
55	Insurance Expense
59	Miscellaneous Expense

	Required:
	If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare 1. an income statement, 2. a statement of owners equity, 3. a balance sheet and 4. post-closing trial balance for the month ended July 31, 2019. *Be sure to read the instructions for each financial statement carefully.