For the past several years steffy lopez answer

Complete Accounting Cycle
Subject
Business Finance

Question Description
It is a term project for my Accounting class. The term project is to do a complete account cycle of the given information in the files. I divided the work in two parts. In the first part it is the journal, ledger, unadjusted trial balance, and adjusted trial balance. In the second part is the journal, income statement, retained earnings statement, balance sheet, and post- closing trial balance.Instructions Part. 1 For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 2018, 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 Consulting entered into the following transactions during July: Jul. 1 The following assets were received from Steffy Lopez in exchange for common stock: cash, $13,500; accounts receivable, $20,800; supplies, $3,200; 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 annual premiums on property and casualty insurance policies, $4,500. 4 Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,500. 5 Purchased additional office equipment on account from Office Station Co., $6,500. 6 Received cash from clients on account, $15,300. 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, $1,750. 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, $6,650. 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, $1,750. 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, $5,200. 31 Recorded services provided on account for the remainder of July, $3,000. 31 Paid dividends, $12,500. Required: Jul. 17 Recorded cash from cash clients for fees earned during the period July 1–17, $9,450. 1. Journalize each transaction in a two-column journal starting on Page 1, referring to the chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) 2. A. Post the journal to a ledger of four-column accounts. • Download the spreadsheet in the Ledger panel and save the Excel file to your computer. Use the spreadsheet to post the July transactions from the journal to a ledger of four-column accounts. Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. B. 3. Add the appropriate posting reference to the journal in CengageNOW. Prepare an unadjusted trial balance. If an amount box does not require an entry, leave it blank. 4. At the end of July, the following adjustment data were assembled. Analyze and use these data to complete requirements (5) and (6). 5. A. Insurance expired during July is $375. 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 $175. E. Rent expired during July is $2,400. F.