For the past several years, Miss Diane has operated a part-time consulting business from her home. As of 1 July 2021, Miss Diane decided to move to rented quarters and to operate the business, which was to be known as Ultimate Consulting, on a full-time basis. Ultimate Consulting entered into the following transactions during July:

July 1.		The following assets were received from Miss Diane: cash, RM13,500; accounts receivable, RM20,800; supplies, RM3,200; and office equipment, RM7,500. There were no liabilities received.
1.		Paid two months' rent on a lease rental contract, RM4,800.
2.		Paid the premiums on property and casualty insurance policies, RM4,500.
4.		Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, RM5,500.
5.		Purchased additional office equipment on account from Office Supply Co., RM6,500.
6.		Received cash from clients on account, RM15,300.
10.		Paid cash for a social media advertisement, RM400.
12.		Paid Office Supply Co. for part of the debt incurred on July 5, RM5,200.
12.		Provided services on account for the period July 112, RM13,300.
14.		Paid receptionist for two weeks' salary, RM1,750.
17.		Received cash from cash clients for fees earned during the period July 117, RM9,450.
18.		Paid cash for supplies, RM600.
20.		Provided services on account for the period July 1320, RM6,650.
24.		Received cash from cash clients for fees earned for the period July 1724, RM4,000.
26.		Received cash from clients on account, RM12,000.
27.		Paid receptionist for two weeks' salary, RM1,750.
29.		Paid telephone bill for July, RM325.
31.		Paid electricity bill for July, RM675.
31.		Received cash from cash clients for fees earned for the period July 2531, RM5,200.
31.		Provided services on account for the remainder of July, RM3,000.
31.		Diane withdrew RM12,500 for personal use.

Instructions

1. Prepare journal entries for each transaction listed above based on Ultimate Consulting's chart of accounts. Use Section I (a): Initial Journal Entries template.

Chart of Accounts for Ultimate Consulting
Cash	Capital
Accounts Receivable	Drawing
Supplies	Fees Earned
Prepaid Rent	Salary Expense
Prepaid Insurance	Supplies Expense
Office Equipment	Rent Expense
Accumulated Depreciation - Office Equipment	Depreciation Expense
Accounts Payable	Insurance Expense
Salaries Payable	Miscellaneous Expense
Unearned Fees	Income Summary

2. At the end of July, the following adjustment data were assembled. Prepare the adjusting journal entries using Section I (b): Adjusting Journal Entries template. Then, post the adjusting journal entries to the T-accounts (use the same T-accounts in Question 2).
   1. Insurance expired during July is RM375.
   2. Supplies on hand on July 31 are RM1,525.
   3. Depreciation of office equipment for July is RM750.
   4. Accrued receptionist salary on July 31 is RM175.
   5. Rent expired during July is RM2,400.
   6. Unearned fees on July 31 are RM2,750.
3. Prepare the closing journal entries using Section I (c): Closing Journal Entries and post to the appropriate account.

Finally, prepare a post-closing trial balance using Section III template (the post-closing trial balance).