For the past several years, Steffy Lopez has operated a part time consulting business from his home. As of July 1, 2012, Steffy 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 The following assets were received from Stefly Lopez in exchange for common stock cash, $13,000. accounts receivable, $20,800, supplies, $3,000, and office equipment, $7,000 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, $4,500 A 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 1-12, $13,300 14 Paid receptionist for two weeks' salary, $1,800