Diamond Consulting

General Journal
July 31,2014

Date Description Ref Debit Credit

2014 1-Jan Cash 11 $ 13,500
July Acc. Receivable 12 $ 20,800
Supplies 14 $ 3,200
Office Equipment 18 $ 7,500
Steffy Lopez, Capital 31 $ 45,000

1 Prepaid Rent 15 $ 4,800

Cash 11 $ 4,800

2 Prepaid Insurances 16 $ 4,500

Cash 11 $ 4,500

4 Cash 11 $ 5,500
Unearned fees 23 $ 5,500

5 Office Equipment 18 $ 6,500

Acc. Payable 21 $ 6,500

6 Cash 11 $ 15,300
Acc. Receivable 12 $ 15,300

10 Miscellaneous Expense 59 $ 400

Cash 11 $ 400

12 Acc. Payable 21 $ 5,200

Cash 11 $ 5,200

12 Acc. Receivable 12 $ 13,300

Fees earned 41 $ 13,300

14 Salary expense 51 $ 1,750

Cash 11 $ 1,750
17 Cash 11 $ 9,450
Fees earned 41 $ 9,450

18 Supplies 14 $ 600
Cash 11 $ 600

20 Acc. Receivable 12 $ 6,650

Fees earned 41 $ 6,650

24 Cash 11 $ 4,000
 Fees earned 41 $ 4,000

26 Cash 11 $ 12,000
Acc. Receivable 12 $ 12,000

27 Salary Expense 51 $ 1,750

Cash 11 $ 1,750

29 Miscellaneous Expense 59 $ 325

Cash 11 $ 325

31 Miscellaneous Expense 59 $ 675

Cash 11 $ 675

31 Cash 11 $ 5,200
Fees earned 41 $ 5,200

31 Acc. Receivable 12 $ 3,000

Fees earned 41 $ 3,000

31 Steffy, drawing 32 $ 12,500

Cash 11 $ 12,500

Total $ 158,400 $ 158,400

 Diamond Consulting
General Ledger
July 31,2014

Account : Cash
Date Desription Debit Credit
2014 1 Assets from Steffy Lopez $ 13,500
July 1 Paid prepaid rent $ 4,800
2 Paid prepaid insurances $ 4,500
4 Received cash as an advance payment $ 5,500
6 Received cash from acc. Receviable $ 15,300
10 Paid newspaper payment $ 400
12 Paid debt from Office Station Co. $ 5,200
14 Paid receptionist's salary for 2 weeks $ 1,750
17 Received cash from clients $ 9,450
18 Paid cash for supplies $ 600
24 Received cash for fees earned $ 4,000
26 Received cash from clients $ 12,000
27 Paid receptionist's salary for 2 weeks $ 1,750
29 Paid telephone bill $ 325
31 Paid electricity bill $ 675
31 Received cash from clients $ 5,200
31 Steffy withdrew for personal use $ 12,500

Account : Cash
Acc. Receivable
Date Desription Debit Credit
2014 1 Assets from Steffy Lopez $ 20,800
July 6 Received cash from clients on account $ 15,300
12 Services provides on account $ 13,300
20 Services provides on account $ 6,650
26 Received cash from clients on account $ 12,000
31 Services provides on account $ 3,000

Account : Supplies
Date Desription Debit Credit

2014 1 Assets from Steffy Lopez $ 3,200

July 18 Received cash from clients on account $ 600
Account : Prepaid rent
Date Desription Debit Credit

2014 1 Paid two months' rent $ 4,800

July

Account : Prepaid insurance

Date Desription Debit Credit

2014 2 Paid the premiums on property and insurance $ 4,500

July

Account : Office Equipment

Date Desription Debit Credit
2014 1 Assets from Steffy Lopez $ 7,500
July 5 Purchased additional office equipment $ 6,500

Account : Accumulated Depreciation

Date Desription Debit Credit
2014
July

Account : Acc. Payable

Date Desription Debit Credit
2014 5 Purchased additional office equipment on account $ 6,500
July 12 Services provided on account $ 5,200

Account : Salaries Payable

Date Desription Debit Credit
2014
July

Account : Unearned Fees

Date Desription Debit Credit
2014 4 Received cash from clients as unearned fees $ 5,500
July
Account : Cash
Steffy Lopez, Capital
Date Desription Debit Credit
2014 1 Initial capital $ 45,000
July

Account : Steffy Lopez, Drawing

Date Desription Debit Credit
2014 31 Steffy withdrew for personal use $ 12,500
July

Account : Fees Earned

Date Desription Debit Credit
2014 12 Services provided on account $ 13,300
July 17 Received cash from clients as fees earned $ 9,450
20 Services provided on account $ 6,650
24 Received cash from clients as fees earned $ 4,000
31 Received cash from clients as fees earned $ 5,200
31 Services provided on account $ 3,000

Account : Salary Expense

Date Desription Debit Credit
2014 14 Paid receptionist's salary for two weeks (July 1-12) $ 1,750
July 27 Paid receptionist's salary for two weeks (July 13-20) $ 1,750

Account: Rent Expense

Date Desription Debit Credit
2014
July

Account:Supplies Expense
Date Desription Debit Credit
2014
July

Account:Depreciation Expense
Date Desription Debit Credit
 Date Desription Debit Credit
2014
July

Account: Insurance Expense

Date Desription Debit Credit
2014
July

Account: Miscellaneous Expense

Date Desription Debit Credit
2014 10 Paid newspaper advertisement $ 400
July 29 Paid telephone bill $ 325
31 Paid electricity bill $ 675
 Code:11
Balance
Debit Credit
$ 13,500
$ 8,700
$ 4,200
$ 9,700
$ 25,000
$ 24,600
$ 19,400
$ 17,650
$ 27,100
$ 26,500
$ 30,500
$ 42,500
$ 40,750
$ 40,425
$ 39,750
$ 44,950
$ 32,450

Code:12
Balance
Debit Credit
$ 20,800
$ 5,500
$ 18,800
$ 25,450
$ 13,450
$ 16,450

Code:14
Balance
Debit Credit
$ 3,200
$ 3,800
 Code:15
Balance
Debit Credit
$ 4,800

Code:16
Balance
Debit Credit
$ 4,500

Code:18
Balance
Debit Credit
$ 7,500
$ 14,000

Code:19
Balance
Debit Credit

Code:21
Balance
Debit Credit
$ 6,500
$ 1,300

Code:22
Balance
Debit Credit

Code:23
Balance
Debit Credit
$ 5,500
 Code:31
Balance
Debit Credit
$ 45,000

Code:32
Balance
Debit Credit
$ 12,500

Code:41
Balance
Debit Credit
$ 13,300
$ 22,750
$ 29,400
$ 33,400
$ 38,600
$ 41,600

Code:51
Balance
Debit Credit
$ 1,750
$ 3,500

Code:52
Balance
Debit Credit

Code:53
Balance
Debit Credit

Code:54
Balance
 Debit Credit

Code:55
Balance
Debit Credit

Code:59
Balance
Debit Credit
$ 400
$ 725
$ 1,400
 Diamond Consulting
Unadjusted Trial Balance
July 31,2014

Accounts Debit
Cash $ 32,450
Acc. Receivable $ 16,450
Supplies $ 3,800
Prepaid rent $ 4,800
Prepaid Insurances $ 4,500
Office Equipment $ 14,000
Accumulated Depreciation
Acc. Payable
Salaries Payable
Unearned Fees
Steffy Lopez, Capital
Steffy Lopez, Drawing $ 12,500
Fees earned
Salary Expense $ 3,500
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense $ 1,400
Total $ 93,400
onsulting
rial Balance
,2014

Credit

$ 1,300

$ 5,500
$ 45,000

$ 41,600

$ 93,400
 Diamond Consulting
Adjusting Enteis
July 31,2014

Date Description Debit

2014 31 Insurance expense $ 375
July Prepaid insurance

31 Supplies Expense $ 2,275

Supplies

31 Depreciation expense $ 750

Accumulated depreciation

31 Salary expense $ 175

Salaries Payable

31 Rent expense $ 2,400

Prepaid rent

31 Unearned fees $ 2,750

Fees earned
Total $ 8,725
 ng
s

Credit

$ 375

$ 2,275

$ 750

$ 175

$ 2,400

$ 2,750
$ 8,725
 Diamond Consulting
Worksheet
July 31,2014

Unadjusted Trial Balance Adjusting Entries

D C D C
Cash $ 32,450
Acc. Receivable $ 16,450
Supplies $ 3,800 $ 2,275
Prepaid rent $ 4,800 $ 2,400
Prepaid Insurances $ 4,500 $ 375
Office Equipment $ 14,000
Accumulated Depreciation $ 750
Acc. Payable $ 1,300
Salaries Payable $ 175
Unearned Fees $ 5,500 $ 2,750
Steffy Lopez, Capital $ 45,000
Steffy Lopez, Drawing $ 12,500
Fees earned $ 41,600 $ 2,750
Salary Expense $ 3,500 $ 175
Rent Expense $ 2,400
Supplies Expense $ 2,275
Depreciation Expense $ 750
Insurance Expense $ 375
Miscellaneous Expense $ 1,400
$ 93,400 $ 93,400 $ 8,725 $ 8,725
nd Consulting
orksheet
y 31,2014

Adjusted Trial Balance Income statement Balance sheet

D C D C D C
$ 32,450 $ 32,450
$ 16,450 $ 16,450
$ 1,525 $ 1,525
$ 2,400 $ 2,400
$ 4,125 $ 4,125
$ 14,000 $ 14,000
$ 750 $ 750
$ 1,300 $ 1,300
$ 175 $ 175
$ 2,750 $ 2,750
$ 45,000 $ 45,000
$ 12,500 $ 12,500
$ 44,350 $ 44,350
$ 3,675 $ 3,675
$ 2,400 $ 2,400
$ 2,275 $ 2,275
$ 750 $ 750
$ 375 $ 375
$ 1,400 $ 1,400
$ 94,325 $ 94,325 $ 10,875 $ 44,350 $ 83,450 $ 49,975
$ 33,475 $ 33,475
Net Income
 Diamond Consulting
Income Statement
For the Month Ended July 31, 2014
Revenue:
Fees earned $ 44,350

Expenses:
Salary Expense $ 3,675
Rent Expense $ 2,400
Supplies Expense $ 2,275
Depreciation Expense $ 750
Insurance Expense $ 375
Miscellaneous Expense $ 1,400
Total Expenses $ 10,875

Net Income $ 33,475

 Diamond Consulting
Statement of owner's equity
For the Month Ended July 31, 2014

Steffy Lopez, Capital 1 July $ 45,000 Current Assets

Net Income $ 33,475 Cash
Less with Steffy's withdrawal $ 12,500 Acc. Receivable
Increase in owner's equity $ 20,975 Supplies
Steffy Lopez, Capital 31 July $ 65,975 Prepaid rent
Prepaid Insurances
Total Current Assets

Fixed Asset
Office Equipment
Accumulated Depreciation
Total Fixed Assets
Total Assets
 Diamond Consulting
Balance Sheet
July 31,2014

Liabilities
$ 32,450 Acc. Payable $ 1,300
$ 16,450 Salaries Payable $ 175
$ 1,525 Unearned Fees $ 2,750
$ 2,400 Total liabilities $ 4,225
$ 4,125
$ 56,950 Owner's Equity
Steffy Lopez,Capital 31 July $ 65,975

$ 14,000
$ (750)
$ 13,250
$ 70,200 Total Liabilities and Owner's Equity $ 70,200
 Diamond Consulting
Closing Entries
Juy 31, 2014
Description Ref Debit Credit
Fees earned 41 $ 44,350
Income Summary 33 $ 44,350

Income Summary 33 $ 10,875

Salary Expense 51 $ 3,675
Rent Expense 52 $ 2,400
Supplies Expense 53 $ 2,275
Depreciation Expense 54 $ 750
Insurance Expense 55 $ 375
Miscellaneous Expense 59 $ 1,400

Income Summary 33 $ 33,475

Steffy Lopez, Capital 31 $ 33,475

Steffy Lopez, Capital 31 $ 12,500

Steffy Lopez, Drawing 32 $ 12,500
Total $ 101,200 $ 101,200
 Diamond Consulting
Post-Closing Trial Balance
July 31,2014
Description Debit Credit
Cash $ 32,450
Acc. Receivable $ 16,450
Supplies $ 1,525
Prepaid rent $ 2,400
Prepaid Insurances $ 4,125
Office Equipment $ 14,000
Accumulated Depreciation $ 750
Acc. Payable $ 1,300
Salaries Payable $ 175
Unearned Fees $ 2,750
Steffy Lopez, Capital $ 65,975
Total $ 70,950 $ 70,950