Instructors For the past several years Stetty Lopez nas operated a part-time consulting business from his home. As of July 1, 20Y2. 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 entered into the following transactions during July Al 1 1 2 The following assets were received from Sifty Lopetin exchange for common stock cash. $12.500 accounts receivable, $20,800, upples 83,100; and office equpment $7.500. There were no oblities reived Paid two months rent on a ser contract. 54.00 Paid the premiums on property and casualty insurance policies 54500 Received cash from hents as an advance payment for services to be provided and recorded nearned teen, 15.500 Purchased additional orice equipment on account from Oflice Station ca 50,00 plecerved cash from clients on count, 515,300 Paid cash for per advertisement 100 4 . 10 Instructions 50 Piscash for a newspaper advertisement 5400 12 Paid Ofice So for part of the debt noured on July 5.5.200 13 Record is provided on our forme period 1.12.313.300 * Padreception for a week stary, 51.700 hu Record the following herection on Pape 2 et me porn Recorded con Ron can het tortoes earned during the period 1-17.80.450 11 Pad cash for supplet 3000 20 Secodesice provided on course the periodu 13-20.50.600 Recorded this fortes come to the period 17-24 55.000 26 Revived cash from conut $12.000 27 Fast forway, 5.70 24 struction 27 Pad receptions for two weeks stay, 51.700 29 Paid telephone it for y, 1400 31 Paldien bil for July 1675 31 Recorded cash from cash clients for fees camed for the period Juy 25-31. 55,200. 31 Recorded services provided on account for the remainder of Juy, 53.000 31 Padavde, 512.500 Required was acabaracten me column journal stating en Para tratamp to the chart of accounts les secting the account to be wat andere one counters in the mount that 1 Pole un to per al com de comprare posting Meerence to the journa and easy the brown justere ou www.med. Anayee and use these data to compless equirements (5) and (6) 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 Joy is $375 B Supplies on hand on July 31 are $1,550 Depreciation of office equipment for wys 5750 0 Accrued receptionist salary on July 315170 E Rent expred during July is $2.400 F Uneamed fees earned on Jy 31, $2.000 3 Optional) On your own paper or spreaduneet enter the unadjusted trial balance on an end-of-period worksheet and complete the work sheet. dumaize the adjusting entries on page 3 of the journal. Agusting entries are recorded on July 31. Refer to the Chart of Accounts for 3 exact wording of account 8. Poate atingentes, inserting balances in the accounts affected T Prepare an adjusted trial balance A Precare an income statement for the month anded My 31 2072 Bedure to complete the statement heading. If a ner loss has been ratons center that amount as a negative number using a minus sign Refer to the Accounts, Labels and Amount Descriptions provided for react wording of the answer choices for text entries You will not need to enter colons() on the income statement Peperea tacement of stockholders equity for the month ended July 31, 2012 Be sure to complete the statement heading. Negative amount should be nascaded by the minus sign. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of choices for text entries fan amount is zero, enter"0" Cena bere sheet as of uy 31, 2012. Be sure to complete the statement heading. Fixed assets must be entered in order according account number. Refer to me Accounts Label and Amount Descriptions provided for the exact wording of the answer choices for text You will not need to enter colons() or the word "Loss on the balance sheet, they will automatically insert where necessary Neabe amount should be indicated by the minus ign Aura the longes on page 4 of the journal Refer to the Chart of Accounts for exact wording of account titles. mos Poungere inserting balance in the accounts affected leave the ITEM column BLANK for each row. If the account balance tercising entries are posted terror in the account's normal balance column Pop.citing a balance mal JOURNAL Score: 210/310 ACCOUNTING EQUATION DEBIT ASSETS LABILITIES DESCRIPTION POST RET CREDIT EQUITY DATE Jul 01 Cash 12,500.00 1 Accounts Receivable 20,800.00 3,100.00 ws Supplies Office Equipment 7,500.00 5 Common Stock 43,900.00 4,800.00 Jul 01 Prepaid Rent Cash 4,800.00 JUL 02 Prepaid Insurance 4,500.00 Instructions Journal L02 Prepaid Insurance Cash 4.500.00 450000 5.50000 JUL 04 Cash 5.500.00 Uneamed Fees 05 Office Equipment Accounts Payable ML06 Cash Accounts Receivable M10 Journal 15 Accounts Receivable Jul 10 Cash JUL 12 Accounts Payable Cash lul 12 Accounts Receivable Fees Earned PAGE 2 JOURNAL Score: 0/298 ACCOUNTING EQUATION POSE REF DET ASSETS DATE DESCIUTIH CREDIT LIABILITIES EQUITY Question not attempted PAGE 3 JOURNAL Score: 0/163 ACCOUNTING EQUATION BATT PXTRE DERIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries Instructors For the past several years Stetty Lopez nas operated a part-time consulting business from his home. As of July 1, 20Y2. 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 entered into the following transactions during July Al 1 1 2 The following assets were received from Sifty Lopetin exchange for common stock cash. $12.500 accounts receivable, $20,800, upples 83,100; and office equpment $7.500. There were no oblities reived Paid two months rent on a ser contract. 54.00 Paid the premiums on property and casualty insurance policies 54500 Received cash from hents as an advance payment for services to be provided and recorded nearned teen, 15.500 Purchased additional orice equipment on account from Oflice Station ca 50,00 plecerved cash from clients on count, 515,300 Paid cash for per advertisement 100 4 . 10 Instructions 50 Piscash for a newspaper advertisement 5400 12 Paid Ofice So for part of the debt noured on July 5.5.200 13 Record is provided on our forme period 1.12.313.300 * Padreception for a week stary, 51.700 hu Record the following herection on Pape 2 et me porn Recorded con Ron can het tortoes earned during the period 1-17.80.450 11 Pad cash for supplet 3000 20 Secodesice provided on course the periodu 13-20.50.600 Recorded this fortes come to the period 17-24 55.000 26 Revived cash from conut $12.000 27 Fast forway, 5.70 24 struction 27 Pad receptions for two weeks stay, 51.700 29 Paid telephone it for y, 1400 31 Paldien bil for July 1675 31 Recorded cash from cash clients for fees camed for the period Juy 25-31. 55,200. 31 Recorded services provided on account for the remainder of Juy, 53.000 31 Padavde, 512.500 Required was acabaracten me column journal stating en Para tratamp to the chart of accounts les secting the account to be wat andere one counters in the mount that 1 Pole un to per al com de comprare posting Meerence to the journa and easy the brown justere ou www.med. Anayee and use these data to compless equirements (5) and (6) 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 Joy is $375 B Supplies on hand on July 31 are $1,550 Depreciation of office equipment for wys 5750 0 Accrued receptionist salary on July 315170 E Rent expred during July is $2.400 F Uneamed fees earned on Jy 31, $2.000 3 Optional) On your own paper or spreaduneet enter the unadjusted trial balance on an end-of-period worksheet and complete the work sheet. dumaize the adjusting entries on page 3 of the journal. Agusting entries are recorded on July 31. Refer to the Chart of Accounts for 3 exact wording of account 8. Poate atingentes, inserting balances in the accounts affected T Prepare an adjusted trial balance A Precare an income statement for the month anded My 31 2072 Bedure to complete the statement heading. If a ner loss has been ratons center that amount as a negative number using a minus sign Refer to the Accounts, Labels and Amount Descriptions provided for react wording of the answer choices for text entries You will not need to enter colons() on the income statement Peperea tacement of stockholders equity for the month ended July 31, 2012 Be sure to complete the statement heading. Negative amount should be nascaded by the minus sign. Refer to the Accounts, Labels and Amount Descriptions provided for the exact wording of choices for text entries fan amount is zero, enter"0" Cena bere sheet as of uy 31, 2012. Be sure to complete the statement heading. Fixed assets must be entered in order according account number. Refer to me Accounts Label and Amount Descriptions provided for the exact wording of the answer choices for text You will not need to enter colons() or the word "Loss on the balance sheet, they will automatically insert where necessary Neabe amount should be indicated by the minus ign Aura the longes on page 4 of the journal Refer to the Chart of Accounts for exact wording of account titles. mos Poungere inserting balance in the accounts affected leave the ITEM column BLANK for each row. If the account balance tercising entries are posted terror in the account's normal balance column Pop.citing a balance mal JOURNAL Score: 210/310 ACCOUNTING EQUATION DEBIT ASSETS LABILITIES DESCRIPTION POST RET CREDIT EQUITY DATE Jul 01 Cash 12,500.00 1 Accounts Receivable 20,800.00 3,100.00 ws Supplies Office Equipment 7,500.00 5 Common Stock 43,900.00 4,800.00 Jul 01 Prepaid Rent Cash 4,800.00 JUL 02 Prepaid Insurance 4,500.00 Instructions Journal L02 Prepaid Insurance Cash 4.500.00 450000 5.50000 JUL 04 Cash 5.500.00 Uneamed Fees 05 Office Equipment Accounts Payable ML06 Cash Accounts Receivable M10 Journal 15 Accounts Receivable Jul 10 Cash JUL 12 Accounts Payable Cash lul 12 Accounts Receivable Fees Earned PAGE 2 JOURNAL Score: 0/298 ACCOUNTING EQUATION POSE REF DET ASSETS DATE DESCIUTIH CREDIT LIABILITIES EQUITY Question not attempted PAGE 3 JOURNAL Score: 0/163 ACCOUNTING EQUATION BATT PXTRE DERIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries