PART A: RECORDING BUSINESS TRANSACTIONS For the past several years, Miss Diane has operated a part-time consulting business from her home. As of 1 July 2021, Miss Diane decided to move to rented quarters and to operate the business, which was to be known as Ultimate Consulting, on a full-time basis. Ultimate Consulting entered into the following transactions during July: July The following assets were received from Miss Diane: cash, RM13,500; accounts 1. receivable, RM20,800; supplies, RM3,200; and office equipment, RM7,500. There were no liabilities received. 1. Paid two months' rent on a lease rental contract, RM4,800. 2. Paid the premiums on property and casualty insurance policies, RM4,500. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, RM5,500. 5. Purchased additional office equipment on account from Office Supply Co., RM6,500. 6. Received cash from clients on account, RM15,300. 10. Paid cash for a social media advertisement, RM400. 12. Paid Office Supply Co. for part of the debt incurred on July 5, RM5,200. 12. Provided services on account for the period July 1-12, RM13,300. 14. Paid receptionist for two weeks' salary, RM1,750. 17. Received cash from cash clients for fees earned during the period July 1-17, RM9,450. 18. Paid cash for supplies, RM600. 20. Provided services on account for the period July 13-20, RM6,650. 24. Received cash from cash clients for fees earned for the period July 17-24, RM4,000. 26. Received cash from clients on account, RM12,000. 27. Paid receptionist for two weeks' salary, RM1,750. 29. Paid telephone bill for July, RM325. 31. Paid electricity bill for July, RM675. 31. Received cash from cash clients for fees earned for the period July 25-31, RM5,200. 31. Provided services on account for the remainder of July, RM3,000. 31. Diane withdrew RM12,500 for personal use. Instructions 1. Prepare journal entries for each transaction listed above based on Ultimate Consulting's chart of accounts. Use Section I (a): Initial Journal Entries template. Chart of Accounts for Ultimate Consulting Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Capital Drawing Fees Earned Salary Expense Supplies Expense