Transcribed image text: Prots Caco.ch Part 2 Income Statement Med Earningstemet Tante Sheet For the event.com Competence ended The fram C an an dy wana A TO nede ANG ore.com wwwwww og for to recoger.com A potom COW CON Chart of Accounts CHART OF ACCOUNTS Diamond Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Rent 16 Prepaid Insurance 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 18 Office Equipment 19 Accumulated Depreciation 55 Insurance Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Uneamed Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary Accounting Cycle eBook Spreadsheet Prin Chart of Accoutils Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Month Ended July 31, 2018 July 31, 2018 Property, plant, and equipment Amount Descriptions > Change in retained earnings Net income Net loss Retained earnings, July 12018 Retained earnings, July 31, 2018 Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders equity Totat property, plant and equipment Total stockholders equity Check My Work Journal 9. A Journace the closing entries on page 4 of the journal Closing entries are recorded on July 31 9 B. Add the appropriate posting reference to the journal in CengageNOW. PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSE. REF. DELIT CREDIT ASSETS LIABILITIES EQUITY Closing Entries 10 11 11 ting Cycle eBook Spreadsheet Print Item omplete accounting cycle, Part 2 Instructions Chart of Accounts Label and Amount Descriptions Journal Soger Income Statement Retained Earnings Statement Balance Sheet Ledger cao me some completed in Part of this problem to complete the following steps of this problem. Your input indo the spreadsheet will not be included in your grade in Dengapevow on the proti 0.8 Pout the coming to to nie jedper af four-column accounts Checky Wok more My Wones omnino Instructions Chat Ol Accounts Labels and Amount Descriptions Journal Ledger Income Statement Retained E Income Statement 8. A. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement for the month ended July 31, 2018. Be sure to complete the statement heading Ifa nef 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 Diamond Consulting Income Statement (Label) 1 Label 1 1 10 Retained Earnings Statement 8. B. If you completed the end-of-penod work sheet in Part 1, use the adjusted trial balance figures to prepare a retained earnings statement for the month ended July 31, 2018 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 entres. If an amount is zero, enter > Diamond Consulting Retained Earnings Statement (Label) Retained Earrings Statement Balance Sheet 8C if you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a balance sheet as of July 31 2018 Be sure to complete the statement heading. Fxed 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() on the balance sheet they wW automatically insert where necessary. Negative amount should be indicated by the minus sign Diamond Consulting Balance Sheet (Label Assets 9 Label 10 11 Complete accounting cycle, Part 2 Instructions Chart of Accounts Labels and Amount Descriptions Journal Post-closing Trial Balance 10. Prepare a post-closing trial balance Diamond Consulting POST-CLOSING TRIAL BALANCE July 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 1 Accounts Receivable Supplies A Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable 10 Unearned Fees 11 Common Stock 11 Retained Earnings Totals Check My Work 5 more Check My Work uses remaining Chart of Accounts Labels and Amount Descriptions Joumal Ledger Income Statement Retained Earnings State Instructions For the past several years, Stelly Lopez has operated a part-time consulting business from his home. As of July 1, 2018 Stetty 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 transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance Required: 8 A Il you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement for the month ended July 31, 2018 Be sure to complete the statement heading 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. If you completed the end-of-period work sheet in Port to the adjusted trial balance figures to prepare a retained earnings statement for the month ended July 31 2018 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 0" o if you completed the end-of-period work sheet in Part 1, use the adjusted tras balance figures to prepare a barance sheet as of July 31, 2018 Be sure to complete the statement heading Fixed assets must be entered in order according to account number Refer to the Accounts Label and Amount Deatrictions provided for the exact wording or the answer choices for text entries You will not need to enter covers (Jon the balance sheet they will automatically insert where necessary Negative amount should be indicated by me minus sign 9. A Journaize the closest on page 4 of the journal Closing entries are recorded on July 31. Refer to the Chart of Accounts for exact wording of account its B. Use the spreadsheet to post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the journal in CengageNow Prepare a post-closing trial balance Transcribed image text: Prots Caco.ch Part 2 Income Statement Med Earningstemet Tante Sheet For the event.com Competence ended The fram C an an dy wana A TO nede ANG ore.com wwwwww og for to recoger.com A potom COW CON Chart of Accounts CHART OF ACCOUNTS Diamond Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Rent 16 Prepaid Insurance 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 18 Office Equipment 19 Accumulated Depreciation 55 Insurance Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Uneamed Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary Accounting Cycle eBook Spreadsheet Prin Chart of Accoutils Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Month Ended July 31, 2018 July 31, 2018 Property, plant, and equipment Amount Descriptions > Change in retained earnings Net income Net loss Retained earnings, July 12018 Retained earnings, July 31, 2018 Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders equity Totat property, plant and equipment Total stockholders equity Check My Work Journal 9. A Journace the closing entries on page 4 of the journal Closing entries are recorded on July 31 9 B. Add the appropriate posting reference to the journal in CengageNOW. PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSE. REF. DELIT CREDIT ASSETS LIABILITIES EQUITY Closing Entries 10 11 11 ting Cycle eBook Spreadsheet Print Item omplete accounting cycle, Part 2 Instructions Chart of Accounts Label and Amount Descriptions Journal Soger Income Statement Retained Earnings Statement Balance Sheet Ledger cao me some completed in Part of this problem to complete the following steps of this problem. Your input indo the spreadsheet will not be included in your grade in Dengapevow on the proti 0.8 Pout the coming to to nie jedper af four-column accounts Checky Wok more My Wones omnino Instructions Chat Ol Accounts Labels and Amount Descriptions Journal Ledger Income Statement Retained E Income Statement 8. A. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement for the month ended July 31, 2018. Be sure to complete the statement heading Ifa nef 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 Diamond Consulting Income Statement (Label) 1 Label 1 1 10 Retained Earnings Statement 8. B. If you completed the end-of-penod work sheet in Part 1, use the adjusted trial balance figures to prepare a retained earnings statement for the month ended July 31, 2018 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 entres. If an amount is zero, enter > Diamond Consulting Retained Earnings Statement (Label) Retained Earrings Statement Balance Sheet 8C if you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare a balance sheet as of July 31 2018 Be sure to complete the statement heading. Fxed 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() on the balance sheet they wW automatically insert where necessary. Negative amount should be indicated by the minus sign Diamond Consulting Balance Sheet (Label Assets 9 Label 10 11 Complete accounting cycle, Part 2 Instructions Chart of Accounts Labels and Amount Descriptions Journal Post-closing Trial Balance 10. Prepare a post-closing trial balance Diamond Consulting POST-CLOSING TRIAL BALANCE July 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 1 Accounts Receivable Supplies A Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable 10 Unearned Fees 11 Common Stock 11 Retained Earnings Totals Check My Work 5 more Check My Work uses remaining Chart of Accounts Labels and Amount Descriptions Joumal Ledger Income Statement Retained Earnings State Instructions For the past several years, Stelly Lopez has operated a part-time consulting business from his home. As of July 1, 2018 Stetty 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 transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance Required: 8 A Il you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement for the month ended July 31, 2018 Be sure to complete the statement heading 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. If you completed the end-of-period work sheet in Port to the adjusted trial balance figures to prepare a retained earnings statement for the month ended July 31 2018 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 0" o if you completed the end-of-period work sheet in Part 1, use the adjusted tras balance figures to prepare a barance sheet as of July 31, 2018 Be sure to complete the statement heading Fixed assets must be entered in order according to account number Refer to the Accounts Label and Amount Deatrictions provided for the exact wording or the answer choices for text entries You will not need to enter covers (Jon the balance sheet they will automatically insert where necessary Negative amount should be indicated by me minus sign 9. A Journaize the closest on page 4 of the journal Closing entries are recorded on July 31. Refer to the Chart of Accounts for exact wording of account its B. Use the spreadsheet to post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the journal in CengageNow Prepare a post-closing trial balance