For the past several years, Stelly Lopez has operated a part-time consuling business from his home. As of July 1, 20Y2, Stefty decided to move to rented quarters and to operate the business, which was to be known as Diamond Consuling, on a full-time basis, Diamend entered into the following transactions during July: Wut. 1 The folowing assets were received from stelly Lopez in exchange for common stock: cash, 513,000 ; accounts receivable, 520,800; mpples, $3,200; and ollice equipment, 57,500 . There were no fablifies received. 1. Paid two months' rent on a loase rental contract, 34,900. 2. Paid the premiums on property and casually insurance poicies, \$4,600. 4. Received cash trom elients as an advance payment for services to be provided, and recorded it as uneamed lees, 55,000 . 5. Purchased additional office equipment on aceount trom Office Station Co, 50,500 , 6 Pecelved cash from clents on account, $15,000. 10 Paid cash for a newspapor advertisement, $500 12. Paid Otfice Station Co, for part of the debt incurred on July 5, 55,200 . 12 Recorded services provided on account for the period July 112,513,300. 14 Paid receptionist for two woeks' salary, $1,800. Record the following transactions on Page 2 of the joumal: Jul. 17 Recorded cash from cash clients for fees earned during the period July 117,$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 cllents for fees eamed for the period July 1724,$4,500. 26 Recelved cash from clients on account, $12,000. 27 Paid recoptionist for two weeks' salary, $1,800. 29 Paid tolephone bill for July. $325. 31 Paid electricity bill for July, $675. 31 Recorded cash from cash clients for tees 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. 4. At the end of Juy; the following adjustment data were assembled. Analyze and use these data to complote requirements (5) and (6). (a) Insurance expired during July is $405. (b) Supplies on hand on July 31 are $1,600. (c) Depreciation of offce equipment for July is $750. (d) Accrued receptionist salary on July 31 is $180. (d) Rent expired during July is $2,400. (7) Unearned tees on July 31 are $2,500. 5. (Optional) On your own paper or spreadsheet, enter the unadiusted trial balance on an end-of period work sheet and complete the wark sheet. 6. A Joumalize the adjusting ontries on page 3 of the joumal. Adjusting entries are recorded on July 31 . B. Post the adiusting entries, inserting balances in the accounts affected. 7. Prepare an adjusted trial balance. 8. A. Propare an income statement for the month onded. July 31, 20Y2. 8. Prepare a statement of stockholders' equify tor the month onded Juy 31,20Y2. C. Prepare a balance sheet as of July 31, 20Y2. 9. A. Journakze the cossing entries on page 4 of the joumal. 1. Journalize each transaction in a two-column joumal staving on Page 1. (Do not insert the account numbers in the journal at this time) Generaldoumal instuctions Note: Scroll down to access pages 2 through 4 of the joumal. Ceneral Joumal ( ) 6. A. Joumalize the acfusting entries on page 3 of the joumal. Adfusting enties are rocorded on Jly 311. 6. A. Journalize the adfusting entries on page 3 of the foumat. Adusting entries are moorded on Juy 31 . 9. A. Journalize the cloeling ectries on page 4 of the joumal. \begin{tabular}{l} Insiruetio \\ \hline Instructions \end{tabular} Chart of Accounts Labels and Amotint Descriptions. Work Sheat General Journal General Journal General Lodger General Joumal General Ledger - Account Accurutates Depriciatso - Acroure Accounts foyabie b Account saiaries maste - Accoure thewentres - Accoure: comon rtad - Accourt Acahed taries - Accourt ovisend Account No. 19 Account No. 21 Account No. 22 Account No, 23 Account No. 31 Account No. 32 Account Na, 33 Account No, 41 Account No. 51 Account No. 52 Account No. 53 Account No. 54 Account No. 55 Account No; 59 Diamond Consulting UNADJUSTED TRIAL RAI ANCF 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance b. Office Equipment 7. Accumulated Depreciation 8. Accounts Payable 9. Salanies Payable 10 Uneamed Fees 11 Commonstock 12. Retained Earnings 13 Dividends 14 cone Earned 13 Salary Expense is Rent Expense 17. Supplies Expense 18. Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense 21 Totals 7. Prepare an adjusted trial balance. 3 Supplies 4 Prepaid Rent 5. Prepaid Insurance 6. Office Equipment 7. Accumulated Depreciation - Accounts Payable 9. Salaries Payable 10 Uneamed Fees 11 Common Stock 12. Retained Earnings 13. Dividends 14. Fees Earned is Salary Expense 16 Rent Expense 17 Supplies Expense is Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense 21 Totals 8A. Prepare an income statement for the month onded July 31, 20Y2. 88. Prepare a statement of stockholders' equity for the month ended July 31, 20Y2. BC. Prepare a bulance sheef as of Wuy 3t, 20re. 10. Prepare a post-clasing trial balanco. Parn * Lavat hetwetu Cenexilindectutuctons genow.com/1lm/takeAssignment/takeAssignmentMain.do?invoker=\& takeAssignmentSessionlocator=8. progress=false Q 34 Dinsenids For the past several years, Stelly Lopez has operated a part-time consuling business from his home. As of July 1, 20Y2, Stefty decided to move to rented quarters and to operate the business, which was to be known as Diamond Consuling, on a full-time basis, Diamend entered into the following transactions during July: Wut. 1 The folowing assets were received from stelly Lopez in exchange for common stock: cash, 513,000 ; accounts receivable, 520,800; mpples, $3,200; and ollice equipment, 57,500 . There were no fablifies received. 1. Paid two months' rent on a loase rental contract, 34,900. 2. Paid the premiums on property and casually insurance poicies, \$4,600. 4. Received cash trom elients as an advance payment for services to be provided, and recorded it as uneamed lees, 55,000 . 5. Purchased additional office equipment on aceount trom Office Station Co, 50,500 , 6 Pecelved cash from clents on account, $15,000. 10 Paid cash for a newspapor advertisement, $500 12. Paid Otfice Station Co, for part of the debt incurred on July 5, 55,200 . 12 Recorded services provided on account for the period July 112,513,300. 14 Paid receptionist for two woeks' salary, $1,800. Record the following transactions on Page 2 of the joumal: Jul. 17 Recorded cash from cash clients for fees earned during the period July 117,$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 cllents for fees eamed for the period July 1724,$4,500. 26 Recelved cash from clients on account, $12,000. 27 Paid recoptionist for two weeks' salary, $1,800. 29 Paid tolephone bill for July. $325. 31 Paid electricity bill for July, $675. 31 Recorded cash from cash clients for tees 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. 4. At the end of Juy; the following adjustment data were assembled. Analyze and use these data to complote requirements (5) and (6). (a) Insurance expired during July is $405. (b) Supplies on hand on July 31 are $1,600. (c) Depreciation of offce equipment for July is $750. (d) Accrued receptionist salary on July 31 is $180. (d) Rent expired during July is $2,400. (7) Unearned tees on July 31 are $2,500. 5. (Optional) On your own paper or spreadsheet, enter the unadiusted trial balance on an end-of period work sheet and complete the wark sheet. 6. A Joumalize the adjusting ontries on page 3 of the joumal. Adjusting entries are recorded on July 31 . B. Post the adiusting entries, inserting balances in the accounts affected. 7. Prepare an adjusted trial balance. 8. A. Propare an income statement for the month onded. July 31, 20Y2. 8. Prepare a statement of stockholders' equify tor the month onded Juy 31,20Y2. C. Prepare a balance sheet as of July 31, 20Y2. 9. A. Journakze the cossing entries on page 4 of the joumal. 1. Journalize each transaction in a two-column joumal staving on Page 1. (Do not insert the account numbers in the journal at this time) Generaldoumal instuctions Note: Scroll down to access pages 2 through 4 of the joumal. Ceneral Joumal ( ) 6. A. Joumalize the acfusting entries on page 3 of the joumal. Adfusting enties are rocorded on Jly 311. 6. A. Journalize the adfusting entries on page 3 of the foumat. Adusting entries are moorded on Juy 31 . 9. A. Journalize the cloeling ectries on page 4 of the joumal. \begin{tabular}{l} Insiruetio \\ \hline Instructions \end{tabular} Chart of Accounts Labels and Amotint Descriptions. Work Sheat General Journal General Journal General Lodger General Joumal General Ledger - Account Accurutates Depriciatso - Acroure Accounts foyabie b Account saiaries maste - Accoure thewentres - Accoure: comon rtad - Accourt Acahed taries - Accourt ovisend Account No. 19 Account No. 21 Account No. 22 Account No, 23 Account No. 31 Account No. 32 Account Na, 33 Account No, 41 Account No. 51 Account No. 52 Account No. 53 Account No. 54 Account No. 55 Account No; 59 Diamond Consulting UNADJUSTED TRIAL RAI ANCF 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance b. Office Equipment 7. Accumulated Depreciation 8. Accounts Payable 9. Salanies Payable 10 Uneamed Fees 11 Commonstock 12. Retained Earnings 13 Dividends 14 cone Earned 13 Salary Expense is Rent Expense 17. Supplies Expense 18. Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense 21 Totals 7. Prepare an adjusted trial balance. 3 Supplies 4 Prepaid Rent 5. Prepaid Insurance 6. Office Equipment 7. Accumulated Depreciation - Accounts Payable 9. Salaries Payable 10 Uneamed Fees 11 Common Stock 12. Retained Earnings 13. Dividends 14. Fees Earned is Salary Expense 16 Rent Expense 17 Supplies Expense is Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense 21 Totals 8A. Prepare an income statement for the month onded July 31, 20Y2. 88. Prepare a statement of stockholders' equity for the month ended July 31, 20Y2. BC. Prepare a bulance sheef as of Wuy 3t, 20re. 10. Prepare a post-clasing trial balanco. Parn * Lavat hetwetu Cenexilindectutuctons genow.com/1lm/takeAssignment/takeAssignmentMain.do?invoker=\& takeAssignmentSessionlocator=8. progress=false Q 34 Dinsenids