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For the past several years, Steffy Lopez has operated a part-6ime consuzing business from his home. As of July 1, 20Y2, Stefty decided to move

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For the past several years, Steffy Lopez has operated a part-6ime consuzing business from his home. As of July 1, 20Y2, Stefty decided to move to rented quarters and 1o operate the busines5, which was to be known as Diamond Consuting, on a full-time basis. Diamond entered into the following transactions during Jluly: Jul. 1 The following assets were received trom Stotty Lopez in exchange for commen stock: cash, 513,000 ; accounts receivable, $20,600; supplies, $3,200; and otice 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, $4.860. 4. Received cash from clents as an advance payment for services to be provided, and recorded it as uneamed fees, $5,000 5. Purchased additional oflice equipment on account trom Otice Station Co., $6,500 6 Received cash from clients on acoount, $15,000. 10 Paid cash for a newspaper advertisement, $500 12 Paid Otice Station Co. for part of the debt incurred on July 5,$5,200. 12. Pecorded services provided on acoount for the period July 1-12, \$13,300. 14 Paid roceptionist for two weeks' salary, $1,800, Aecord the following transactions on Page 2 of the joumal: Jul: Recorded cash from cash clients for fees eamed during the period July 117,$9,450. 18. Paid cash for supplies, $600 20 Recorded services provided on account for the period July 1320,$6,650 24 Recorded cash from cash clents for tees earned for the period July 17-24, $4,500. 26 Reoeived cash from clients on account, $12,000 27. Paid receptionist tor two weeks' salary, $1,800 29 Paid telephone bill for July. $325 31 Paid electricity bilt for July, $675 31 Recorsed cash from cash clients for fees eamed for the period July 25-31, \$5,400. 31. Recorded services provided on acoount for the remahder of July, $9.000 31 Paid dividend5, $12,600 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 $405. (b) Supplies on hand on July 31 are $1,600. (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 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. Joumalize the adjusting entries on page 3 of the journal. Acjusting entries are recorded on duly 31. B. Post the adjusting entries, inserting balances in the accounts affected. 7. Prepare an adiusted trial balanco. 8. A. Prepare an income statement for the month ended July 31,20 .2. B. Prepare a statement of stockholders' equity for the month ended July 31,20 .2. C. Prepare a balance shoet as of july 31,20 V2. 9. A. Joumalize the closing entries on page 4 of the journat B. Post the closing entries, inserting balances in the accounts affected. 10. Prepare a post-closing frial balance

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