For the past several years, Steffy Lopez has operated a part$-$time consulting business from his home. As of July $1,20$Y$2,$ 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$\mathrm{.}1$The following assets were received from Steffy Lopez in exchange for common stock: cash, $$13,000$; accounts receivable, $$20,800$; supplies, $$3,200$; and office equipment, $$7,500.$ There were no liabilities received$\mathrm{.}1$Paid two months rent on a lease rental contract, $$4,800\mathrm{.}2$Paid the premiums on property and casualty insurance policies, $$4,860\mathrm{.}4$Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $$5,000\mathrm{.}5$Purchased additional office equipment on account from Office Station Co$.,$ $$6,500\mathrm{.}6$Received cash from clients on account, $$15,000\mathrm{.}10$Paid cash for a newspaper advertisement, $$500\mathrm{.}12$Paid Office Station Co$.$ for part of the debt incurred on July $5,$ $$5,200\mathrm{.}12$Recorded services provided on account for the period July $112,$ $$13,300\mathrm{.}14$Paid receptionist for two weeks salary, $$1,800.$Record the following transactions on Page $2$ of the journal:Jul$\mathrm{.}17$Recorded cash from cash clients for fees earned during the period July $117,$ $$9,450\mathrm{.}18$Paid cash for supplies, $$600\mathrm{.}20$Recorded services provided on account for the period July $1320,$ $$6,650\mathrm{.}24$Recorded cash from cash clients for fees earned for the period July $1724,$ $$4,500\mathrm{.}26$Received cash from clients on account, $$12,000\mathrm{.}27$Paid receptionist for two weeks salary, $$1,800\mathrm{.}29$Paid telephone bill for July, $$325\mathrm{.}31$Paid electricity bill for July, $$675\mathrm{.}31$Recorded cash from cash clients for fees earned for the period July $2531,$ $$5,400\mathrm{.}31$Recorded services provided on account for the remainder of July, $$3,000\mathrm{.}31$Paid dividends, $$12,500.$Required:$1.$Journalize each transaction in a two$-$column journal starting on Page $1.($Do not insert the account numbers in the journal at this time.$)2.$Post the journal to a ledger of four$-$column accounts. Add the appropriate posting reference to the journal$\mathrm{.}3.$Prepare an unadjusted trial balance$\mathrm{.}4.$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\mathrm{.}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$\mathrm{.}6.$A$.$Journalize the adjusting entries on page $3$ of the journal. Adjusting entries are recorded on July $31.$B$.$Post the adjusting entries, inserting balances in the accounts affected$\mathrm{.}7.$Prepare an adjusted trial balance$\mathrm{.}8.$A$.$Prepare an income statement for the month ended July $31,20$Y$2.$B$.$Prepare a statement of stockholders equity for the month ended July $31,20$Y$2.$C$.$Prepare a balance sheet as of July $31,20$Y$2\mathrm{.}9.$A$.$Journalize the closing entries $($javascript:void$(0))$on page $4$ of the journal.B$.$Post the closing entries, inserting balances in the accounts affected$\mathrm{.}10.$Prepare a post$-$closing trial balance.