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please skip question 5, it isnt required. For the past sevoral years, Stetly Lopez has operated a part-eme consulting business from his home. As of
please skip question 5, it isnt required. For the past sevoral years, Stetly Lopez has operated a part-eme consulting business from his home. As of July 1, 20Y2, Stefty decided to move to rented quarters and to operate the business, which was to be known as Damond Consulting, on a full-time basis. Diamond entered into the following transactions during July; Jul. 1 The following assets were recelved from Stelfy Lopez in exchange for common stock: cash, \$14,000; scoounts recelvable, $20,600; supplies, $3,100; and otice equipment, $7,500. There wore no liabilites recelved. 1 Paid two months' rent on a lease rental contract, $4,800. 2 Paid the premiums on property and casualy insurance policies, \$4,020. 4. Peceived cash from clients as an advanoe payment for services to be provided, and recorded it as unearned fe0t,85,000. 5 Purchased additional office equipment on account from Office Station Co., $6,500. 6 Received cash from clients on account, $15,100. 10. Paid cash for a newspaper advertisement, $400. 12 Paid Otlice Station Co, for part of the debt incurred on July 5,$5,200. 12 Fecorded services provided on account tor the period July 112,$13,300. 14 Paid roceptionist for two weeks' salary, $1,700. Record the following transactions on Page 2 of the journal: Jul. 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 1320,$6,750. 24 Recorded cash from cash clients for fees earned for the period July 1724,$4,000. 26 Received cash from clients on account, $12,000. 27 Paid receptionist for two weeks' salary, $1,700. 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 2531,$5,400. 31 Recorded services provided on account for the remainder of July, $3,000. 31 Paid dividends, \$12,500. 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 July is $385. (b) Supplies on hand on July 31 are \$1,525. (c) Depreciation of office equipment for July is $750. (d) Accrued receptionist salary on July 31 is $170. (e) Rent expired during July is $2,400. (f) Unearned fees on July 31 are $2,500. 5. (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-poriod work sheot and complete the work sheet 6. A. Joumalize the adjusting entries on page 3 of the joumal. Adjusting entries are recorded on July 31 . B. Post the adjusting entries, inserting balances in the accounts affected. 7. Prepare an adjusted trial balance
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