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. 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. Paid two months' rent on a lease rental contract, $4,800. 1 2 4 5 6 Received cash from clients on account, $15,300. Paid cash for a newspaper advertisement, $400. Paid Office Station Co. for part of the debt incurred on July 5, $5,200. Recorded services provided on account for the period July 1-12. $13,300. 14 Paid receptionist for two weeks' salary, $1,750. 10 12 12 17 Recorded cash from cash clients for fees earned during the period July 1-17, $9,450. Paid cash for supplies, $600. 18 20 Paid the premiums on property and casualty insurance policies, $4,500. Received cash from clients as an advance payment for services to be provided, and recorded it as unearned fees, $5,500. Purchased additional office equipment on account from Office Station Co., $6,500. 24 26 27 Recorded services provided on account for the period July 13-20. $6,650. 31 Required: Recorded cash from cash clients for fees earned for the period July 17- 24, $4,000. 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. Received cash from clients on account, $12,000. Paid receptionist for two weeks' salary, $1,750. 31 Recorded services provided on account for the remainder of July, $3,000. Paid dividends, $12,500. At the end of July, the following adjustment data were assembled. (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. (1) Unearned fees on July 31 are $2,750.