For the past several years, Stefly Lopez has operated a part-time consulting business from his home. As of July 1 , 20 Yz, Stefty decided to move to rented quarters and to operate the business, which was to be known as Diamond Consuting, on a fult-time basis. Diamond entered into the following transactions during July: 3ul. 1 The tollowing assets were received from Stefty Lopez in exchange for common stock: cash, \$14,000; accounts receivable, $20,800; supplies, $3,100; and etice equipment; $7,500. There were no liabicies recelved. 1 Paid two months' rent on a lease rental contract, $4,800. 2 Paid the premiums on property and casualty insurance policies, $4,620, 4. Received cash trom clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,000. 5 Purchased additional office equipment on acoount from Olice Station C0,56,500. 6 Peceived cash from clients on account, $15.100. 10 Paid cash for a newspaper advertisement, $400 : 12. Paid Otfice Station Co. for part of the debt incurred on July 5, \$5,200. 12. Fecorded services provided on account for the period July 112,$13,300. 14 Paid receptionist for two weeks' salary, $1,700. Record the following transactions on Page 2 of the 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 1320,$6,750. 24 Recorded cash from cash clients for fees earned for the period July 17-24, $4,000. 26 Received cash from clients on account, $12,000. 27 Paid receptionist for two weeks' salary, $1,700. 29 Paid telephone bill for July, $325. 31 Paid electricity bill for July, $675. 31 Recorded cash from cash clients for fees earned for the period July 25-31, \$5,400. 31 Recorded services provided on account for the remainder of July, $3,000. 31 Paid dividends, $12,500. 8. A. Prepare an income statement for the month ended July 31,20Y2. B. Prepare a statement of stockholders' equity for the month ended July 31, 20 Y2. C. Prepare a balance sheet as of July 31,20Y2. 9. A. Journalize the closing entries on page 4 of the journal. B. Post the closing entries, inserting balances in the accounts affected. 10. Prepare a post-closing trial balance