the past several years, Steffy Lopez has operated a part$-$time consulting business from his home. As of July $1,20$Y$2,$ 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 entered into the following transactions during July:

Jul. $1$ The following assets were received from Steffy Lopez in exchange for common stock: cash, $$14,000$; accounts receivable, $$20,800$; supplies, $$3,100$; and office equipment, $$7,000.$ There were no liabilities received.

$1$ Paid two months rent on a lease rental contract, $$6,000.$