Labels and Amount Descriptions 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 Steffy decided to move to rented quarters and to operate the business, which was to be known as Dlamond Consulting, or a full-time basis. Diamond entered into the following transactions during July: Jul. 1 The following assets were received from Stelfy Lopez in exchange for common stock: cash, $12,500; accounts recelvable, $20,800; supplies, $3,100; and office equipment, $7,500. There were no liabilities received. 1 Paid two month's rent on a lease rental contract, $4,800. 2 Paid the premiums on property and casualiy insurance policies, $4,620. 4 Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,000. 5 Purchased additional office equipment on account from Otfice Station Co., $6,500. 6 Recelved cash from clients on account, $15,100. 10 Paid cash for a newspaper advertisement, $500. 12 Paid Otfice 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, $1,700 Record the following transactions on Page 2 of the journat: 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 13-20, $6,650. 24 Recorded cash from cash clents for fees earned for the period July 17-24,\$5,000. 26 Received cash from clients on account $12,000 27 Paid receptionist for two weeks' salary, $1,700 29 Paid lelephone bill for July. $300. 31 Paid electricty bill for July, $675. 31 Recorded cash from cash clients for fees earned for the poriod July 25-31, $5,400. 31 Recorded services provided on account for the remainder of July, $3,000. 31. Paid dividends, $12,500 Required: 1. Journalize each transaction in a two-colvmn joumat starting on Page 1, (Do not insert the account numbers in the joumal at this timo.) 2 Post the journal to a ledger of four-column accounts. Add the appropriate posting reference to the journal. 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 $1,550. (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) Uneamed fees on July 31 are \$2,500. 5. (Optional) On your own paper or spreadsheet, enter the unacjusted trial balance on an end-ol-period work sheet and complete the work sheet. 6. A. Journalize the adjusting entries on page 3 of the joumal. Adjusting entries are recorded on July 37. 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. B. Prepare a statement of stockholders equity for the manth ended July 31,20Y2. C. Prepare a balance shoot as of Jufy 31,20Y2 6. A. Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 3t. 9. A. Journalize the clasing entries on page 4 of the joumal. Diamond Consulting 1. Journalize each transaction in a two-column joumal starting on Page 1. (Do not insert the account numbers in the journal General Joumal Instructions Note: Scroll down to access pages 2 through 4 of the joumal