journalize the closing entries
Work Shoot General Joumal (x) 5. bare For the past several years, Stefy Lopez has opecated a part-time consuting business from his heme. As of duly 1,20 r?, Sxefly decided so move to rerbed quarters and so operae the busines. Which was ta be known as Damond Consuling, on a full-time basis. Daymond emered indo the following transactions during iufy Ju. 1 The following assets were recoved trom Stotly Lopez in exchange for common stock: cash, $12,500 : accounts receivable, $20,800; supples, $3,200, and otice equipment, 57,000 . There were no labates recehed. 1 Paid two months' rent an a leate rental coetract, $4.600. 2 Paid the premiaris on property and casyaly insurance policies, 84,860 4 Peceived cash from clients as an advance payment for services to be provided, and recorded it as vneamed fees: 55.500. 5 Purchased additional office equipmert on account from OHice Station Co, $6.500. 6 Aeceived cash from cliwits on account, 515,100 . 10 Paid cash for a newspaper advertisement $400. 12. Pais Ofice station Ca. for part of the debt incurred on Jlyly 5, 55,200. 12. Aecorded services provided on account foe the period July 112,$13,300. 14 Paid recepticnist for two weeks' calary, $1,800. fecarg the folowing Eansactions on Page 2 of the joumale Ju. 17 Recorded cash from cash ciests for fees earned during the period July 117,59,450. 18. Paid cash for supples. 5600 . 20 Reserded services provided on account for the period July 1320,56,650. 24. Recoeded cash from cash clients for fees earned for the period duly 17,24,$4,000. A6 Aeceived cash from clents on account, $12.000 27. Paid receplonist for tho weoks" selary. It eog. 27. Paid beiephone bit for Jvily, 3360. 31. Paid electricity bal tor duly. 5675. 31 Reoceded cash from cash clients for fees eaened for the period july 26-31, 55, 300. 31 Recorded serices provided on account for the remainder of Juy. $3,000. 34 Paid dividendo, 512,500 . Required: 1. Joumatize each transaction in a two-column joumal starting on Page 1. (Do not insert the account numbers in the fouma at this thme.) 2. Past the joumal to a ledger of four-column accounts. Add the appropriate posting reference to the journat: 3. Prepare an unadjusted trial balance. 4. At the end of July, the following adjustment data were assembled. Analyze and use these data to compiete requirements (5) and (5). (a) Insurance expired duning duly is $405. (b) Supples on hand on July 31 are \$1.560. (c) Depreciation of otfice equipment for July is 5750. (d) Accrued receptionist salary on duly 31 is $180. (e) Rent expined during duly is $2,400. (f) Unearned fees on duly 31 are $2,750. 5. (Optional On your own paper or spreadsheot, enter the unadfustiod thial bwlance on an end-of period work sheet and complete the work sheet. 6. A. Joumbize the adpusting entries on page 3 of the joumal. Acjusting entries are recorded on July 31. B. Post the adfusting entries, inserting balances in the accounts affected. (c) Depreciation of office equipment for July is $750. (d) Accrued receptionist salary on dily 31 is $180. (e) Ront expined during dely is $2,400. (i) Uneamed fees on July 31 are $2,750. 5. (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance an an end-of-periad work sheet and compiote the work shoet. 6. A. Joumalize the adjusting entries on page 3 of the joumal. Adjusting entries are recorded on July 31 . B. Post the adfusting entries, inserting balances in the accounts atfected. 7. Prepare an adjustod trial balance. 8. A. Prepare an income statement for the month ended July 31, 20v2. B. Propare a statement of stockholders' equity for the month ended July 31,20YZ. C. Prepare a builance sheet as of July 31, 20Y2 9. A. Journalize the closing entries an page 4 of the joumat. B. Post the clasing entries, inserting balances in the accounts atfected. 10. Prepare a post-closing trial balance
