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Please help!! PR 4-5A Complete accounting cycle OBJ. 4, 5 For the past several years, Steffy Lopez has operated a part-time consulting business from his
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PR 4-5A Complete accounting cycle OBJ. 4, 5 For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 2016, 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 Consulting entered into the following transactions during July July 1. The following assets were received from Steffy Lopez: cash, $13,500; accounts receivable, $20,800; supplies, $3,200; and office equipment, $7,500. There were no liabilities received. 1. Paid two months' rent on a lease rental contract, $4,800 2. Paid the premiums on property and casualty insurance policies, $4,500 4. Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,500. 5. Purchased additional office equipment on account from Office Station Co., $6,500. 6. Received cash from clients on account, $15,300 10. Paid cash for a newspaper advertisement, $400 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, $13,300 14. Paid receptionist for two weeks' salary, $1,750 Record the following transactions on Page 2 of the journal 17. Recorded cash from cash clients for fees earned during the period July 1-17, $9,450 18. Paid cash for supplies, $600. 20. Recorded services provided on account for the period July 13-20, $6,650. 24. Recorded cash from cash clients for fees earned for the period July 17-24, $4,000. 26. Received cash from clients on account, $12,000. 27. Paid receptionist for two weeks' salary, $1,750 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, $5,200 Continued)
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