For the pastseveral years, Sefty Lopez has operatod a part-time consuling tusiness from his home. As of July 1, 20Yz. Steffy decided to move to remted quarters and b operate the business, which was vo be known as Ciamond Consulting. on a fall-time basis Diamond ensered into the following transactions during July. Sul. 1 The following assets were recelved tom Staty Lopez in exchange for common stock: cast, \$14,000; actounts receivable, 520,800 , supplies, $3,100; and office equipment, $7,500. There were no llablibes recelved 1 - Paid two months tent on a lease rental contract, $4,800. 2 Paid the premiums on property and casualty insurance pelicies, $4,620. 4 Recelved cish trom dients as an advance payment for services to be provided, and recorded it as unearned teps, 55,000 5 Purchased addisonal offce equipment on acoount trom otice 5 lation C0,56,500. 6 Received cash from dients on account, $15,100. 10 Pail cash for a newspaper adverssement, 5400. 12. Paid otfice 5tason Co for part of the debtincuired on Juay 5, 55,200 12. Recorded services provefed on account for the period July 1-12,513, 300 . 14 Paid receptonist for two wented satary, 51,700. Recont the following transachons on Page 2 of the jocknat. Jul 17. Recorded cash from cash dients for fees eamed during the period July 1-17, 59,450, 18 Paid cash for supplies, $600 20 Recorded services provided on acoount for the period July 13-20,56,750. 24 Recorded cash from cash clients lot lees eamed tor the period Jull 17-24, 34,000 . 26 Recolved cast tom dients on account, $12,000 27 Paid receptionst for two weeks salary, $1,700. 29 Paid telephone bili for July, $325. 31 Paid electricty bill for July, 3675 31.Recorded cash from cash clients for tees eaned tor the penod July 25-31, $5,400 31 Recoted services provided on account toe the remainder of Juy. 53.000. 31 Paid dividends, 512.500. Required: 1. Journafize each transaction in a wo column joumal starting on Page 1 (Do not insert the account numbers in the journal at this tine) 2. Post the joumat is a ledget of four-column accouns. Add the appropriase posting reference to the joumal. 3 Prepare an unadjusted tral balance. 4. At the end of July, the following adjusanent data were assembled. Analyze and use thense data to complete requirements (5) and (0) (a) Insurance explred during July is 5395 . (b) Supplies on hand on Jaty 31 are 51,525 (c) Depreciabon of office equimenent for July is $750. (d) Accrued receotionist salary on Juty 31 is $170. (e) Aent excired dwaing July a 52,400 (7) Uneamed tees on July 31 are 52.500 5. COpbenab On your own paper or spmadsheec enter the unadiusted tral batance on an end-of period work sheer and conolese the work sheet 6. A. Joumance the adfusting entries on page 3 of the journat. Adfusting ensies are recorded on July 31. B. Post the atfinsting entries, inserting batances in the accounts attecmd 7. Prepare an acjusted trat baliance. 8. A. Pmoare an income seatement for toe montit ended Juty 31.202 (b) Supplies on hand on Jaty 31 are 51,525. (c) Depreciation of ottice equipment for Juty is 5750. (d) Acctued receptionist salary on Juty 31 is $170. (e) Rent expired during Juty is $2,400. (7) Unearned fees on Juty 32 are $2,500. 5. (Opoonal) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complese the work sheet. 6. A. Joumatize the adjusting enties on page 3 of the joumat. Adiusting entries are recorded on Jaly 31. B. Post the adjusting entries, inserting balances in the accounts affectid. 7. Prepare an adjusted trial batance 8. A. Prepare an income statement for the month ended Juty 31, 20Y2. B. Prepare a statement of stockholders' equity for the monti ended July 31, 20Y2 C. Prepare a batance sheet as of July 31, 20Y2