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Question 1 130 marks. Cecil Jameson, Attormey-at-Law, is a proprietorship owned and operated by Cecil Jameson. On July 1, 2005, Cecil Jameson, Attorney-at-Law has the following assets and liabilities: land, S 10,000: accounts payable.$ 1.530. Office space and office equipment are currently being (ented pending the construetton of an office complex on and paurchased ast year accounts receivable, S 3,200; supplies, $850; Business transactions during July are summarized as follows: @ Received cash from clients for services, $3928 Paid creditors on account, $1055 A Received cash from Cecil Jameson as an additional investment, s 3,700. ope cal, $ 3.200, Paid office rent for the month, S Purchased office supplies on account 245 Charged clients for legal services gn account, $3000. Pe Received payment from clients for previous services that w 3000 Pa- N Received in voice for paralegal services from Legal Aid Inc. for July (to be paid on August 1O, S 1,633 Paid the operating ses of the month $875 Jameson withdrew $1 cash from the business for personal use repare a balance sheet as of July 31, 2005. Cash
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Answer #1

Step 1 Journal Entries for the transactions for the month Sr.No. Date Debit Credit a 31st July 2005 Cash $3,928 Service Revenue $3,928 To record service revenue b31st July 2005 Accounts Payable $1,055 Cash $1,055 To record payment made to creditors c31st July 2005 Cash $3,700 $3,700 Capital To record Investment made by Cecil Jameson d 31st July 2005Rent Expense $1,200 $1,200 Cash To record office rent expense Accounts Payable To record purchase of office supplies) e 31st July 2005 Supplies $245 $245 f 31st July 2005 |Accounts eivable $3,000 Service Revenue $3,000 To record service revenue E 31st July2005 Cash $3,000 Accounts Receivable $3,000 To record payment received from customer h 31st July 2005 Legal Service $1,635 $1,635 Accounts Payable To record legal service expense i31st July2005 Operating Expense $875 Cash $875 To record operaing Expense 31st July 2005 Drawings $1,000 Cash $1,000 To record withdrawal by Cecil JamesonStep2 Attorney-at-Law Trial Balance Trail Balance Entry Adjustment July 1, 2005 July 31, 2005 Debit Credit Debit Credit Debit Credit $1,000 $3,200 $850 $10,000 $10,628 $3,000 $245 50 $1,055 50 $1,000 50 $1,200 $1,635 $875 $4,130 $3,000 50 50 $1,880 $3,700 50 $6,928 50 50 50 57,498 53,200 $1,095 $10,000 Cash Accounts Receivable Supplies Land Accounts Payable Capital DrawingS Service Revenue Rent Expense Legal Service Operating Expense $1,530 $13,520 $2,355 $17,220 $1,000 $6,928 $1,200 $1,635 $875 $15,050 $15,050 $19,638 $19,638 $26,503 $26,503 Note: Capital as on July 1200S is the derived by the formula Assets-Liabilities [$15050 $1530] Step3 Attorney-at-Law Income Statement Fo r the year ended 31st July 2005 Amount Service Revenue $6,928 Less: Expenses Operating Expense Rent Expense Legal Service $875 $1,200 $1,635 Total Expense Net Income/Loss $3,710 $3,218Ans Attorney-at-Law Balance Sheet July 31, 2005 Assets Cash Accounts Receivable Supplies Amount Liabilities $2,355 57,498 Accounts Payable $3,200 $1,095 Total Current Assets $11,793 Total Current Liabilities $2,355 Land $10,000 Owners Equity Capital Retained Earnings Less: Drawin Total Owners Equi $17,220 53,218 $1,000 $19,438 Total Assets $21,793 Total Liabilities and Owners $21,793

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Answer #2
Received cash from clients for services, $3,928
source: Assignment
answered by: Kerima
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