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Legal Service Inc. was incorporated on July 1 2, 2017. During the first month of operations,...

Legal Service Inc. was incorporated on July 1 2, 2017. During the first month of operations, the following transactions occurred.

  1. Stockholders invested $10,000 in cash in exchange for common stock of Legal Service Inc.
  2. Paid $800 for July rent on office space.
  3. Purchased office equipment on account $3,000.
  4. Performed legal service for clients for cash $1500.
  5. Borrowed $700 cash from bank on a note payable.
  6. Performed legal service for client on account $2,000.
  7. Paid monthly expenses: salaries $500, utilities $300, and advertising $100.

Instruction: Prepare a tabular summary of the transactions.

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Answer #1

The answer has been presented through excel in attached sheet. All the transactions has been analysed and presented in tabular form

Book1 Microsoft Excel HomeInsert Page Layout Formulas Data Review View Σ AutoSum 11 ▼ A A ao-」 ,wrap Text General Paste 0 Insert Delete For nat Blu-田기_▲ーミミ,, S. %, Conditional Format Cell || Insert Delete Format Formatting as Table Styles Conditional asor ble Styles Fitt & Fit format Painter Merge & Center m $-% , Sort & Find & 2 Clear Filter v Select- Editing Clear , Clipboard Font Alignment Styles Cells SUMMARY OF TRANSCATIONS 2 SR. 3 NO ASSETS LIABILITIES EQUITY TRANSACTIONS NOTE PAYABLE OFFICE accountACCOUNT recievablePAYABLE COMMON ADVERTIS CASH + + REVENUE- RENT-İ SALARIES ESUTILITIES EQUIPM STOCK HOLDERS INVESTED $10000 IN CASH FOR COMMON STOCK BALANCE $10,000$0S0$0 $0$10,000SO $0 S10,000$0 $800)$0 $9,200$0 $0 $0 $0 $0 +$0 $10,000 SO 7 2 CASH $800 PAID FOR JULY RENT BALANCE $800 PURCHASED OFFICE EQUIPMENT $3000 ON $0$3,000$0 $9,200 $3,000S0 $1,500 $0$0$$0 $$1,500 $10,700$3,000 $3,000$O $0SO $0 ACCOUNT BALANCE PERFORMED LEGAL SERVICES FOR CASH 53,000 | +| so +1 $10,0001 +l so $800 $0 $0 S0 $0 12 BALANCE $0 =| $3,000 | +| $0 | +| $10,000 | +| $1,500 $0 13 5BORROWED $700 ON NOTE PAYABLE BALANCE $11,400 so-$3,000- s700-$10,000| +| $1,500 S0 0$2,0000$00$2,000 $2,000 $3,000$700$10,000$3,500 $3,000 .!$800 -so-.1 so-so PERFORMED LEGAL SERVICES ON ACCOUNT $2,0000 $0 15$2000 $11,400 $3,000 BALANCE PAID MONTHLY EXPENSES SALARY $500, UTILITIES $300 AND ADVERTISING $100 BALANCE ($900)+ $10,5001-53,000 | +| S2,000 1:153,000 | +| S700 | +|S10,000 | + $3,500 | . S800-1 S500 . $300 | -| S100 $o$500 $300$100 17 18 19 ト Sheet1 Average: 14.28571429 Count 15 Sum: 2001租?四 100% に 12-40 PM Search the web and Windows

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