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Instructions For the past several years, Steffy 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 Diarnond Consulting, on a full-time basis. Diarriond entered into the following transactions during July: 1 The following assets were received from Steffy Lopez in exchange common stock: cash. $13,000 accounts receivable. $20,800; supplies, S3,200; and office equipment, S7,500. There were no liabilities received - Paid two months' rent on a lease rental contract, $4,000 2 4 5 Paid the premiums on property and casualty insurance policies, S4,860. Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees. $5,000. Purchased additional office equipment on account from Office Station Co., $6,500. Received cash from clients on account, $15,000. Paid cash for a newspaper advertisement, $500. Paid Oflice Station Color part of the debt incurred on July 5, $5,200. Recorded services provided on account for the period July 1-12. $13,300. Paid receptionist for two weeks' salary, $1,800. 10 12 12 14 Record the following transactions on Page 2 of the joumal: Jul. 17 Recorded cash from cash clients for fees earned during the period July 1-17, $9,450. 1A Paid cash for supplies, S600 Recorded services nmvirler on armunt for the nerin.lur 13_2n $ 650 20 Record the following transactions on Page 2 of the journal: 17 18 Recorded cash from cash clients for fees earned during the period July 1-17, $9,450. Paid cash for supplies, $600. Recorded services provided on account for the period July 1320, $6,650. Recorded cash from cash clients for fees earned for the period July 17-24, $4,500. 20 24 26 Received cash from clients on account, $12,000. 27 Paid receptionist for two weeks' salary, $1,800. 29 Paid telephone bill for July, $325. 31 Paid electricity bill for July, $675. 31 Recorded cash from cash clients for fees earned for the period July 25-31, $5,400. Recorded services provided on account for the remainder of July, $3,000. 31 31 Pald dividends, $12,500. Required: 1 2. 3. 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.) Post the journal to a ledger of four-column accounts. Add the appropriate posting reference to the joumal. Prepare an unadjusted trial balance. 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 $405. B. Supplies on hand on July 31 are $1,600. C. Depreciation of office equipment for July is $750. 4. C. Depreciation of office equipment for July is $750. D. Accrued receptionist salary on July 31 is $180. E. Rent expired during July is $2,400. F. Unearned fees earned on July 31, $2,500. 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. Journalize 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. B. 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 net 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 (:) on the income statement B. Prepare a statement of stockholders' equity for the month ended July 31, 20Y2. 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, enter "O". 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 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 titles. 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 (0) after closina entries are posted. enter a zero (0) in the account's normal balance column. CHART OF ACCOUNTS Diamond Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation 54 Depreciation Expense 55 Insurance Expense LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Labels Current assets Current liabilities Expenses For the Month Ended July 31, 20Y2 July 31, 20Y2 Property, plant, and equipment Revenues Amount Descriptions Balances, July 1, 20Y2 Balances, July 31, 20Y2 Dividends Issued common stock Net income Net loss Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders' equity Total property, plant, and equipment Total stockholders' equity JOURNAL Score: 310/310 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jul. 1 Cash 11 13,000.00 1 2 Accounts Receivable 12 20,800.00 1 > 3 Supplies 14 3,200.00 1 4 Office Equipment 18 7,500.00 1 5 Common Stock 31 44,500.00 1 6 Jul. 1 Prepaid Rent 15 4,800.00 1 7 Cash 11 4,800.00 1 8 Jul. 2 Prepaid Insurance 16 4,860.00 1 9 Cash 11 4,860.00 1 10 Jul. 4 Cash 11 5,000.00 1 11 Unearned Fees 23 5,000.00 1 12 Jul. 5 Office Equipment 18 6,500.00 1 13 Accounts Payable 21 6.500.00 12 Jul. 5 Office Equipment 18 6,500.00 1. 13 Accounts Payable 21 6,500.00 1 14 Jul. 6 Cash 11 15,000.00 1 15 Accounts Receivable 12 15,000.00 16 Jul. 10 Miscellaneous Expense 59 500.00 1 17 Cash 11 500.00 18 Jul. 12 Accounts Payable 21 5,200.00 1 19 Cash 11 5,200.00 1 20 Jul. 12 Accounts Receivable 12 13,300.00 1 21 Fees Earned 41 13,300.00 1 22 Jul. 14 Salary Expense 51 1,800.00 1 23 Cash 11 1,800.00 1 Points: 79 / 79 PAGE 2 JOURNAL Score: 296/298 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jul. 17 Cash 11 9,450.00 1 2 Fees Earned 41 9,450.00 1 3 Jul. 18 Supplies 14 600.00 1 4 Cash 11 600.00 1 5 Jul. 20 Accounts Receivable 12 6,650.00 1 6 Fees Earned 41 6,650.00 1 7 Jul. 24 Cash 11 4,500.00 1 8 Fees Earned 41 4,500.00 1 9 Jul. 26 Cash 11 12,000.00 1 10 Accounts Receivable 12 12,000.00 1 11 Jul. 27 Salary Expense 51 1,800.00 12 Cash 11 1,800.00 1 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 Jul. 31 Insurance Expense 55 375.00 3 Prepaid Insurance 16 375.00 + 4 Jul. 31 Supplies Expense 53 2,275.00 1 5 Supplies 14 2,275.00 + 6 Jul. 31 Depreciation Expense 54 750.00 7 Accumulated Depreciation 19 750.00 1 8 Jul. 31 Salary Expense 51 175.00 9 Salaries Payable 22 175.00 1 10 Jul. 31 Rent Expense 52 2,400.00 1 11 Prepaid Rent 15 2,400.00 + 12 Jul. 31 Unearned Fees 23 5,200.00 > 13 Fees Earned 41 5,200.00 1 JOURNAL Score: 0/133 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 Dointe: nin 2. Post the journal to a ledger of four-column accounts. Add the appropriate posting reference to the journal. 6. b. Post the adjusting entries, inserting balances in the accounts affected. 9. 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 ( after closing entries are posted, enter a zero (O) in the account's normal balance column. Question not attempted. LEDGER Score: 0/821 Account: Cash Account No. 11 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 2 3 4 5 Diamond Consulting Score: 25/62 UNADJUSTED TRIAL BALANCE July 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 3,800.00 4 Prepaid Rent 4,800.00 5 Prepaid Insurance 6 Office Equipment 14,000.00 7. Accumulated Depreciation 8 Accounts Payable 12 Retained Earnings 13 Dividends 12,500.00 14 Fees Earned 15 Salary Expense 16 Rent Expense 17 Supplies Expense 18 Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense 21 Totals