For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 20Y2, 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 Steffy 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.

4 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.

How do you record the following transactions on a journal??

Jul. 17 Recorded cash from cash clients for fees earned during the period July 1-17, $9,450.

18 Paid cash for supplies, $600.

20 Recorded services provided on account for the period July 13-20, $6,650.

24 Recorded cash from cash clients for fees earned for the period July 17-24, $5,000.

26 Received cash from clients on account, $12,000.

27 Paid receptionist for two weeks' salary, $1,800.

29 Paid telephone bill for July, $300.

31 Paid electricity bill for July, $675.

31 Recorded cash from cash clients for fees earned for the period July 25-31, $5,000.

31 Recorded services provided on account for the remainder of July, $3,000.

31 Paid dividends, $12,500

How do you Journalize each transaction in a two-column journal???

How do you Post the journal to a ledger of four-column accounts???

How do you make an unadjusted trial balance???

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 $375.

B. Supplies on hand on July 31 are $1,500.

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 earned on July 31, $3,000.

5.How do you enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet??

6 A. How do you Journalize the adjusting entries on the journal???

Adjusting entries are recorded on July 31.

B. How do you Post the adjusting entries, inserting balances in the accounts affected???

7. How do you make an adjusted trial balance???

8. How do you make an income statement for the month ended July 31, 20Y2???

Be sure to complete the statement heading. If a net loss has been incurred, enter that amount as a negative number using a minus sign.

How do you make a statement of stockholders' equity for the month ended July 31, 20Y2???

Be sure to complete the statement heading. Negative amount should be indicated by the minus sign.

How do you make a balance sheet as of July 31, 20Y2???

Be sure to complete the statement heading. Fixed assets must be entered in order according to account number.

How do you Journalize theclosing entries of the journal???

How do you Post the closing entries, inserting balances in the accounts affected???

Leave the ITEM column BLANK for each row. If the account balance is zero (0) after closing entries are posted, enter a zero (0) in the account's normal balance column.

How do you make a post-closing trial balance???