Need help, please ( This wording may indicate that you intend to submit a tutor's work as your own ) NO I solved some parts of it, and you can see the checkmarks, which means right but with the rest of it I need help Instructions For the past several years, Steffy Lopez has operated a part time consulting business from his home As of July 1, 20Y2, 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, $7,500 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, $4,620 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 Office Station Co , $6,500 6 Received cash from clients on account, $15,100 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, $1,700 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 13 20, $6,750 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, $1,700 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 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 column journal starting on Page 1 (Do not insert the account numbers in the journal at this time ) 2 Post the journal to a ledger of four column accounts Add the appropriate posting reference to the journal 3 Prepare an unadjusted trial balance 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 period work sheet and complete the work sheet 6 A Journalize the adjusting entries on page 3 of the journal Adjusting entries are recorded on July 31 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 month ended July 31, 20Y2 C Prepare a balance sheet as of July 31, 20Y2 9 A Journalize the closing entrieson page 4 of the journal B Post the closing entries, inserting balances in the accounts affected 10 Prepare a post closing trial balance Chart of Accounts CHART OF ACCOUNTS Diamond Consulting General Ledger ASSETS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense 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 Work Sheet 5 (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end of period work sheet and complete the work sheet General Journal Shaded cells have feedback 1 Journalize each transaction in a two column journal starting on Page 1 (Do not insert the account numbers in the journal at this time ) General Journal Instructions Note Scroll down to access pages 2 through 4 of the journal How does grading work PAGE 1 JOURNAL ACCOUNTING EQUATION Score 310 310 DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Points 79 79 How does grading work PAGE 2 JOURNAL ACCOUNTING EQUATION Score 298 298 DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Points 77 77 6 A Journalize the adjusting entries on page 3 of the journal Adjusting entries are recorded on July 31 How does grading work PAGE 3 JOURNAL ACCOUNTING EQUATION Score 154 163 DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 4 5 6 7 8 9 10 11 12 13 Points 39 68 42 9 A Journalize the closing entrieson page 4 of the journal How does grading work PAGE 4 JOURNAL ACCOUNTING EQUATION Score 125 133 DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 Points 30 08 32 Feedback Check My Work1 Identify what account is used and then what type of account is used for each transaction Remember that each transaction will have at least one debit and one credit 6 The adjusting entries are prepared directly from the adjustment data or from the information in the Adjustments columns of your work sheet Double check to make sure your adjusting entries affect both an income statement account and a balance sheet account When posting these entries to the ledger accounts you combine the adjustments with the unadjusted balances for each account, such that debit balance and debit adjustments are added to obtain a new debit total Likewise credit balances and credit adjustments are added to obtain a new credit total You will take the difference between a credit unadjusted amount and a debit adjustment to obtain the adjusted amount Likewise, you calculate the difference between a debit unadjusted amount and a credit adjustment to obtain the new adjusted ledger amount 9 In preparing closing entries, recall that (1) revenue accounts are debited for their balances and expense accounts are credited for their balances The difference between the revenue and expenses is either credited (revenues exceed expenses) or debited (expenses exceed revenues) to the retained earnings account, and (2) the retained earnings account is debited for the balance of the dividends account General Ledger Shaded cells have feedback 2 Post the journal to a ledger of four column accounts Add the appropriate posting reference to the journal 6 B Post the adjusting entries, inserting balances in the accounts affected 9 B Post the closing entries, inserting balances in the accounts affected General Ledger Instructions How does grading work LEDGER Score 758 821 Account Cash11Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Account Accounts Receivable12Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 3 4 5 6 Account Supplies14Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 3 Account Prepaid Rent15Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 Account Prepaid Insurance16Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 Account Office Equipment18Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 Account Accumulated Depreciation19Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 Account Accounts Payable21Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 Account Salaries Payable22Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 Account Unearned Fees23Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 Account Common Stock31Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 Account Retained Earnings32Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 Account Dividends33Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 Account Fees Earned41Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 3 4 5 6 7 8 Account Salary Expense51Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 3 4 Account Rent Expense52Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 Account Supplies Expense53Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 Account Depreciation Expense54Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 Account Insurance Expense55Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 Account Miscellaneous Expense59Account No DATE ITEM POST REF DEBIT CREDIT BALANCE DEBIT CREDIT 1 2 3 4 Points 254 82 276 Feedback Check My Work2 Remember as you prepare your 4 column accounts For each debit and each credit recorded in the journal, identify what account is used and transfer the amount from the journal to the appropriate ledger account 6 The adjusting entries are prepared directly from the adjustment data or from the information in the Adjustments columns of your work sheet Double check to make sure your adjusting entries affect both an income statement account and a balance sheet account When posting these entries to the ledger accounts you combine the adjustments with the unadjusted balances for each account, such that debit balance and debit adjustments are added to obtain a new debit total Likewise credit balances and credit adjustments are added to obtain a new credit total You will take the difference between a credit unadjusted amount and a debit adjustment to obtain the adjusted amount Likewise, you calculate the difference between a debit unadjusted amount and a credit adjustment to obtain the new adjusted ledger amount 9 In preparing closing entries, recall that (1) revenue accounts are debited for their balances and expense accounts are credited for their balances The difference between the revenue and expenses is either credited (revenues exceed expenses) or debited (expenses exceed revenues) to the retained earnings account, and (2) the retained earnings account is debited for the balance of the dividends account Unadjusted Trial Balance Shaded cells have feedback 3 Prepare an unadjusted trial balance Question not attempted Diamond Consulting UNADJUSTED TRIAL BALANCE Score 0 62 July 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Common Stock 12 Retained Earnings 13 Dividends 14 Fees Earned 15 Salary Expense 16 Rent Expense 17 Supplies Expense 18 Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense 21 Totals Points 0 15 Feedback Check My Work3 Transfer all ledger account balances to this trial balance and double check to see that none are omitted Debits should be equal to credits Adjusted Trial Balance Shaded cells have feedback 7 Prepare an adjusted trial balance How does grading work Diamond Consulting ADJUSTED TRIAL BALANCE Score 3 80 July 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Common Stock 12 Retained Earnings 13 Dividends 14 Fees Earned 15 Salary Expense 16 Rent Expense 17 Supplies Expense 18 Depreciation Expense 19 Insurance Expense 20 Miscellaneous Expense 21 Totals Points 0 79 21 Feedback Check My Work7 Once your accounts have been updated with the adjusting entries postings, recall that you prepare the adjusted trial balance to verify the equality of debits and credits after the adjustment process and summarize the adjustment effects The adjusted trial balance totals should be equal if not, an error has occurred and you will want to retrace your steps in the adjustment and posting process Income Statement Shaded cells have feedback 8A Prepare an income statement for the month ended July 31, 20Y2 Income Statement Instructions Score 49 85 Diamond Consulting Income Statement 1 2 3 4 5 6 7 8 9 10 Points 11 53 20 Feedback Check My Work8 The income statement is prepared directly from the information in the income statement columns of the worksheet Expenses are typically listed in order of size and miscellaneous expense is listed last, regardless of its amount Statement of Stockholders' Equity Shaded cells have feedback 8B Prepare a statement of stockholders' equity for the month ended July 31, 20Y2 Statement of Stockholders' Equity Instructions Question not attempted Score 0 80 Diamond Consulting Statement of Stockholders' Equity 1 Common Stock Retained Earnings Total 2 3 4 5 6 Points 0 18 Feedback Check My Work8B The statement of stockholders' equity shows the beginning balances of common stock and retained earnings Balance Sheet Shaded cells have feedback 8C Prepare a balance sheet as of July 31, 20Y2 Balance Sheet Instructions Question not attempted Score 0 160 Diamond Consulting Balance Sheet 1 Assets 2 3 4 5 6 7 8 9 10 11 12 13 14 Liabilities 15 16 17 18 19 20 Stockholders' Equity 21 22 23 24 Points 0 40 Feedback Check My WorkThe balance sheet includes all accounts that would be transferred to the balance sheet columns on the worksheet, except for the dividends balance The ending retained earnings in the balance sheet must be the same amount as that calculated in the statement of stockholders' equity Make sure that the accounting equation remains in balance for this financial statement Post closing Trial Balance Shaded cells have feedback 10 Prepare a post closing trial balance How does grading work Diamond Consulting POST CLOSING TRIAL BALANCE Score 2 51 July 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Common Stock 12 Retained Earnings 13 Totals Points 0 55 14 Feedback Check My Work10 Recall that the purpose of a post closing trial balance is to verify that the ledger is in balance at the beginning of the next period and if temporary or nominal accounts have been accurately closed out, only permanent balance sheet accounts will remain and should agree with the accounts and amounts listed on the end of period balance sheet, so be sure to compare the post closing trial balance with the balance sheet

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Question: Need help, please ( This wording may indicate that you intend to submit a tutor's work as your own.) NO I solved some parts of

Need help, please

( This wording may indicate that you intend to submit a tutor's work as your own.) NO

I solved some parts of it, and you can see the checkmarks, which means right but with the rest of it I need help.

Instructions

For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 20Y2, 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, $7,500. 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, $4,620.
	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 Office Station Co., $6,500.
	6	Received cash from clients on account, $15,100.
	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, $1,700.

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 13-20, $6,750.
	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, $1,700.
	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 25-31, $5,400.
	31	Recorded services provided on account for the remainder of July, $3,000.
	31	Paid dividends, $12,500.

Required:

Journalize each transaction in a two-column journal starting on Page 1. (Do not insert the account numbers in the journal at this time.)

Post the journal to a ledger of four-column accounts. Add the appropriate posting reference to the journal.

Prepare an unadjusted trial balance.

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.

(Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet.

A.	Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 31.
B.	Post the adjusting entries, inserting balances in the accounts affected.

Prepare an adjusted trial balance.

A.	Prepare an income statement for the month ended July 31, 20Y2.
B.	Prepare a statement of stockholders' equity for the month ended July 31, 20Y2.
C.	Prepare a balance sheet as of July 31, 20Y2.

A.	Journalize the closing entrieson page 4 of the journal.
B.	Post the closing entries, inserting balances in the accounts affected.

10.

Prepare a post-closing trial balance.

Chart of Accounts

CHART OF ACCOUNTS

Diamond Consulting

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
14	Supplies
15	Prepaid Rent
16	Prepaid Insurance
18	Office Equipment
19	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Salaries Payable
23	Unearned Fees

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Salary Expense
52	Rent Expense
53	Supplies Expense
54	Depreciation Expense
55	Insurance Expense
59	Miscellaneous Expense

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

Work Sheet

5. (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet.

General Journal

Shaded cells have feedback.

1. Journalize each transaction in a two-column journal starting on Page 1. (Do not insert the account numbers in the journal at this time.)

General Journal Instructions

Note: Scroll down to access pages 2 through 4 of the journal.

How does grading work?

PAGE 1

JOURNAL

ACCOUNTING EQUATION

Score: 310/310

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Points:

79 / 79

How does grading work?

PAGE 2

JOURNAL

ACCOUNTING EQUATION

Score: 298/298

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Points:

77 / 77

6. A.Journalize the adjusting entries on page 3 of the journal. Adjusting entries are recorded on July 31.

How does grading work?

PAGE 3

JOURNAL

ACCOUNTING EQUATION

Score: 154/163

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1		Adjusting Entries
2
3
4
5
6
7
8
9
10
11
12
13

Points:

39.68 / 42

9. A.Journalize the closing entrieson page 4 of the journal.

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PAGE 4

JOURNAL

ACCOUNTING EQUATION

Score: 125/133

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1		Closing Entries
2
3
4
5
6
7
8
9
10
11

Points:

30.08 / 32

Feedback

Check My Work1. Identify what account is used and then what type of account is used for each transaction. Remember that each transaction will have at least one debit and one credit.

6. The adjusting entries are prepared directly from the adjustment data or from the information in the Adjustments columns of your work sheet. Double-check to make sure your adjusting entries affect both an income statement account and a balance sheet account. When posting these entries to the ledger accounts you combine the adjustments with the unadjusted balances for each account, such that debit balance and debit adjustments are added to obtain a new debit total. Likewise credit balances and credit adjustments are added to obtain a new credit total. You will take the difference between a credit unadjusted amount and a debit adjustment to obtain the adjusted amount. Likewise, you calculate the difference between a debit unadjusted amount and a credit adjustment to obtain the new adjusted ledger amount.

9. In preparing closing entries, recall that (1) revenue accounts are debited for their balances and expense accounts are credited for their balances. The difference between the revenue and expenses is either credited (revenues exceed expenses) or debited (expenses exceed revenues) to the retained earnings account, and (2) the retained earnings account is debited for the balance of the dividends account.

General Ledger

Shaded cells have feedback.

2. Post the journal to a ledger of four-column accounts. Add the appropriate posting reference to the journal. 6. B. Post the adjusting entries, inserting balances in the accounts affected. 9. B. Post the closing entries, inserting balances in the accounts affected.

General Ledger Instructions

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LEDGER

Score: 758/821

Account: Cash11Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

Account: Accounts Receivable12Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2
3
4
5
6

Account: Supplies14Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2
3

Account: Prepaid Rent15Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2

Account: Prepaid Insurance16Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2

Account: Office Equipment18Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2

Account: Accumulated Depreciation19Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1

Account: Accounts Payable21Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2

Account: Salaries Payable22Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1

Account: Unearned Fees23Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2

Account: Common Stock31Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1

Account: Retained Earnings32Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2

Account: Dividends33Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2

Account: Fees Earned41Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2
3
4
5
6
7
8

Account: Salary Expense51Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2
3
4

Account: Rent Expense52Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2

Account: Supplies Expense53Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2

Account: Depreciation Expense54Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2

Account: Insurance Expense55Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2

Account: Miscellaneous Expense59Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
DEBIT	CREDIT
1
2
3
4

Points:

254.82 / 276

Feedback

Check My Work2. Remember as you prepare your 4-column accounts: For each debit and each credit recorded in the journal, identify what account is used and transfer the amount from the journal to the appropriate ledger account.

Unadjusted Trial Balance

Shaded cells have feedback.

3. Prepare an unadjusted trial balance.

Question not attempted.

Diamond Consulting

UNADJUSTED TRIAL BALANCE

Score: 0/62

July 31, 20Y2

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash
2	Accounts Receivable
3	Supplies
4	Prepaid Rent
5	Prepaid Insurance
6	Office Equipment
7	Accumulated Depreciation
8	Accounts Payable
9	Salaries Payable
10	Unearned Fees
11	Common Stock
12	Retained Earnings
13	Dividends
14	Fees Earned
15	Salary Expense
16	Rent Expense
17	Supplies Expense
18	Depreciation Expense
19	Insurance Expense
20	Miscellaneous Expense
21	Totals

Points:

0 / 15

Feedback

Check My Work3. Transfer all ledger account balances to this trial balance and double-check to see that none are omitted. Debits should be equal to credits.

Adjusted Trial Balance

Shaded cells have feedback.

7. Prepare an adjusted trial balance.

How does grading work?

Diamond Consulting

ADJUSTED TRIAL BALANCE

Score: 3/80

July 31, 20Y2

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash
2	Accounts Receivable
3	Supplies
4	Prepaid Rent
5	Prepaid Insurance
6	Office Equipment
7	Accumulated Depreciation
8	Accounts Payable
9	Salaries Payable
10	Unearned Fees
11	Common Stock
12	Retained Earnings
13	Dividends
14	Fees Earned
15	Salary Expense
16	Rent Expense
17	Supplies Expense
18	Depreciation Expense
19	Insurance Expense
20	Miscellaneous Expense
21	Totals

Points:

0.79 / 21

Feedback

Check My Work7. Once your accounts have been updated with the adjusting entries postings, recall that you prepare the adjusted trial balance to verify the equality of debits and credits after the adjustment process and summarize the adjustment effects. The adjusted trial balance totals should be equal; if not, an error has occurred and you will want to retrace your steps in the adjustment and posting process.

Income Statement

Shaded cells have feedback.

8A. Prepare an income statement for the month ended July 31, 20Y2.

Income Statement Instructions

Score: 49/85

Diamond Consulting

Income Statement

1
2
3
4
5
6
7
8
9
10

Points:

11.53 / 20

Feedback

Check My Work8. The income statement is prepared directly from the information in the income statement columns of the worksheet. Expenses are typically listed in order of size and miscellaneous expense is listed last, regardless of its amount.

Statement of Stockholders' Equity

Shaded cells have feedback.

8B. Prepare a statement of stockholders' equity for the month ended July 31, 20Y2.

Statement of Stockholders' Equity Instructions

Question not attempted.

Score: 0/80

Diamond Consulting

Statement of Stockholders' Equity

1		Common Stock	Retained Earnings	Total
2
3
4
5
6

Points:

0 / 18

Feedback

Check My Work8B. The statement of stockholders' equity shows the beginning balances of common stock and retained earnings.

Balance Sheet

Shaded cells have feedback.

8C. Prepare a balance sheet as of July 31, 20Y2.

Balance Sheet Instructions

Question not attempted.

Score: 0/160

Diamond Consulting

Balance Sheet

1	Assets
2
3
4
5
6
7
8
9
10
11
12
13
14	Liabilities
15
16
17
18
19
20	Stockholders' Equity
21
22
23
24

Points:

0 / 40

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Check My WorkThe balance sheet includes all accounts that would be transferred to the balance sheet columns on the worksheet, except for the dividends balance. The ending retained earnings in the balance sheet must be the same amount as that calculated in the statement of stockholders' equity. Make sure that the accounting equation remains in balance for this financial statement.

Post-closing Trial Balance

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10. Prepare a post-closing trial balance.

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Diamond Consulting

POST-CLOSING TRIAL BALANCE

Score: 2/51

July 31, 20Y2

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash
2	Accounts Receivable
3	Supplies
4	Prepaid Rent
5	Prepaid Insurance
6	Office Equipment
7	Accumulated Depreciation
8	Accounts Payable
9	Salaries Payable
10	Unearned Fees
11	Common Stock
12	Retained Earnings
13	Totals

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0.55 / 14

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Check My Work10. Recall that the purpose of a post-closing trial balance is to verify that the ledger is in balance at the beginning of the next period and if temporary or nominal accounts have been accurately closed out, only permanent balance sheet accounts will remain and should agree with the accounts and amounts listed on the end of period balance sheet, so be sure to compare the post-closing trial balance with the balance sheet.

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