Instructions For the past several years, Stefly Lopez has operated a part-time consulting business from his home As of July 1, 2012, 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 1 2. The following assets were received from Stetty Lopez in exchange for common stock cash, $12,500 accounts receivable $20,800; supplies, 53,100; and office equipment. 7,500. There were no liabilities received Paid two months' rent on a lease rental contract, $4,800. Paid the premiums on property and casualty Insurance policies, $4,500 Received cash from clients as an advance payment for services to be provided, and recorded as unearned fees, $5,500, Purchased additional office equipment on account from Office Station Co., $6,500. Received cash from clients on account, $15,300. 4 5 6 10 12 Pald 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. $13.300 12 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, 513,300. 14 Paid receptionist for two weeks salary, 51,700, Record the following transactions on Page 2 of the journal: Jul 18 20 24 26 17 Recorded cash from cash clients for fees eamed during the perlod July 1-17. $9,450, Paid cash for supplies, 5600 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, 65,000 Received cash from clients on account, $12,000. 27 Paid receptionist for two weeks' salary, $1,700. 29 Paid telephone bill for July, $400 Paid electricity bill for July, 5675. 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, 31 31 31 31 Recorded services provided on account for the remainder of July, $3,000 Paid dividends, $12,500 31 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. Post the journal to a ledger of four column accounts. Add the appropriate posting reference to the journal 3. Prepare an unadjusted trial balance 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 $1,550 C. Depreciation of office equipment for July is $750. D. Accrued receptionist salary on July 31 is $170. E Rent expired during July is $2,400 F. Unearned fees earned on July 31, $2,000 5. (Optional) on your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work F. Unearned fees earned on July 31, $2.000, 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 6. A. Joumalize 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. 8. Post the adjusting entries, inserting balances in the accounts affected. 7. Prepare an adjusted trial balance. 8. A Prepare an income statement for the month ended July 31, 20Y2 Be sure to complete the statement heading if a ner 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 entries. You will not need to enter colons ty on the income statement B. Prepare a statement of stockholders' equity for the month ended July 31, 2072. 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, entero C. Prepare 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 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() or the word "Less" on the balance sheet they will automatically insert C. Prepare a balance sheet as of July 31, 2012. Be sure to complete the statement heading Fived 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 () or the word "Less* on the balance sheet, they will automatically insert where necessary, Negative amount should be indicated by the minus sign 9. A. Journalize the closing entries on page 4 of the journal. Refer to the Chart of Accounts for exact wording of account ttles. B. Post the closing entries, Inserting balances in the accounts affected. Leave the ITEM Column BLANK for each row. If the account balance is zero (O) after closing entries are posted enter a zero (0) in the account's normal balance column 10. Prepare a post-closing trial balance 1. Journalize each transaction in a two-column journal starting on Page, referring to the chart of accounts in selecting the accounts to be debited and credited (Do noritert the account numbers in the journal at this time Note Scroll down to access pages through 4 of the journal I All transaction on this page must be entered (except for post refon before you will receive Check My Work feedback JOURNAL Score 210/310 ACCOUNTING EQUATION DESTION POSTRE CHO LIAI DER 12.500.00 1 LO: 1 Accounts Receivable 1 20,000.00 3.100.00 1 Supplies Office Emert 7.50000 Question not attempted WEL2 JOURNAL Score: 0/298 ACCOUNTING EQUATIONI DATE DESCRIPTION POSTRE DEBIT GEOT ASSETS LABILITIES OUT 1 6. a. Journalize the adjusting entries on page 3 of the journa. Aqusting entries are recorded on July 31 Question not attempted. NE JOURNAL Score: 0/163 ACCOUNTING COLLATION DATE DESCRIPTION POSTE CREDIT Adutting Entries 5 9.a Journalize the closing entries on page d or the journal. Question not attempted JOURNAL Score: 0/13 ACCOUNTING EQUATION DATE POSTER CAT AS DOPTOM Closing