For the past several years, Stefly Lopez has operated a part-time consulting business from his home. As of July 1, 2018, Stetty 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 Consulting entered into the following transactions during July Jul 1 2 4 The following assets were received from Steffy Lopez in exchange for common stock cash, $13,500, accounts receivable, $20,800, supplies, $3,200, and office equipment, $7,500. There were no liabilities received Paid two months' rent on a lease rental contract, $4,800. Paid the annual premiums on property and casualty insurance policies, $4,500 Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,500 Purchased additional office equipment on account from Office Station Co. 56,500 Received cash from clients on account, $15.300 Paid cash for a newspaper advertisement. $400 Paid Office Station Co. for part of the debt incurred on July 5, $5.200. Recorded services provided on account for the period July 1-12. 513.300 Paid receptionist for two weeks' salary, 51.750 6 10 12 12 14 Record the following transactions on Page 2 of the journal: 17 18 20 24 26 27 29 31 31 31 31 Recorded cash from cash clients for fees earned during the period July 1-17, $9.450. Paid cash for supplies, $600. Recorded services provided on account for the period July 13-20. $6,650. Recorded cash from cash clients for fees earned for the period July 17-24, S4,000 Received cash from clients on account, $12,000. Paid receptionist for two weeks' salary, $1.750. Paid telephone bill for July, $325. Paid electricity bill for July $675. Recorded cash from cash clients for fees earned for the period July 25-31. $5.200. Recorded services provided on account for the remainder of July $3,000. Paid dividends. 512 500. Required: 1. Journalize each transaction in a two-column journal starting on Page 1. referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) 2. A Post the journal to a ledger of four-column accounts Download the spreadsheet in the Ledger panel and save the Excel file to your computer. Use the spreadsheet to post the July transactions from the journal to a ledger of four column accounts. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem B. Add the appropriate posting reference to the journal in CengageNOW 3. Prepare an unadjusted trial balance. If an amount box does not require an entry leave it blank 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 $375 B. Supplies on hand on July 31 are $1 525 c. Depreciation of office equipment for July is $750 D. Accrued receptionist salary on July 31 is $175 E Rent expired during July is $2.400 F Unearned fees on Jul 31 are $2750 B. Add the appropriate posting reference to the journal in CengageNOW. 3. Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank. 4. At the end of July, the following adjustment data were assembled. Analyze and use these date to complete requirements (5) and (6) A. Insurance expired during July is $375. B. Supplies on hand on July 31 are $1,525. C. Depreciation of office equipment for July is $750. D. Accrued receptionist salary on July 31 is $175. E. Rent expired during July is $2,400 F Unearned fees on July 31 are $2,750 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 Find a blank end-of-period work sheet in the Excel spreadsheet you previously downloaded 6. A. Journalize the adjusting entries on page 3 of the journal Adjusting entries are recorded on July 31. Refer to the Chart of Accounts for exact wording of account titles. B. Post the adjusting entries, inserting balances in the accounts affected C. Add the appropriate posting reference to the adjusting entries in the journal in CengageNOW 7. Prepare an adjusted trial balance. If an amount box does not require an entry leave it blank Instructions For the past several years, Stefly Lopez has operated a part-time consulting business from his home. As of July 1, 2018 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 Consulting entered into transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance, Required: A If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement for the month ended July 31, 2018 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. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entnes. You will not need to enter colons() on the income statement you completed the end-of-period work sheet in Part 1 use the adjusted trial balance figures to prepare a retained earnings statement for the month ended July 31 2018 Be sure to complete the statement heading Negathe amount should be indicated by the minus sign Refer to the Accounts Labels and Amount Descriptions provided for me exact wording of the answer choices for text entries if an amount is zero, enter Cif you completed the end-of-period work sheet in Part use the ad usted na balance figures to prepare a balance sheet as R Autocom latama tamam e ntal com UN PUVUUGA WU USG the income statement B. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a retained earnings statement for the month ended July 31, 2018. Be sure to complete the statement heading. Negative amount should be indicated by the minus sign. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. If an amount is zero, enter "0" C. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a balance sheet as of July 31, 2018. Be sure to complete the statement heading. Fixed assets must be entered in order according to account number. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. You will not need to enter colons() on the balance sheet, they will automatically insert where necessary. Negative amount should be indicated by the minus sign. A Journalize the closing entries on page 4 of the journal Closing entries are recorded on July 31. Refer to the Chart of Accounts for exact wording of account titles B. Use the spreadsheet to post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the journal in CengageNow Prepare a post-closing trial balance