Solution:
Journal Entries |
|||
S.No |
Particulars |
Debit |
Credit |
1 |
Cash |
21500 |
|
Common Stock |
21500 |
||
2 |
Office Equipments |
11400 |
|
Accounts payable |
11400 |
||
3 |
Rent Expense |
1100 |
|
Cash |
1100 |
||
4 |
Legal Database Subscription |
9750 |
|
Cash |
9750 |
||
5 |
Accounts Receivable |
14000 |
|
Legal Fees Earned |
14000 |
||
6 |
Accounts payable |
6000 |
|
Cash |
6000 |
||
7 |
Salaries Expense |
2800 |
|
Cash |
2800 |
||
8 |
Cash |
7500 |
|
Accounts Receivable |
7500 |
||
9 |
Utilities Expense |
190 |
|
Accounts payable |
190 |
||
10 |
Dividends |
1500 |
|
Cash |
1500 |
Ledger Accounts |
|||
Cash |
|||
Particulars |
Ref |
Debit |
Credit |
Common Stock |
1 |
21500 |
|
Rent Expense |
3 |
1100 |
|
Legal Database Subscription |
4 |
9750 |
|
Accounts payable |
6 |
6000 |
|
Salaries Expense |
7 |
2800 |
|
Accounts Receivable |
8 |
7500 |
|
Dividends |
10 |
1500 |
|
29000 |
21150 |
||
Debit balance |
7850 |
||
Accounts Receivable |
|||
Particulars |
Ref |
Debit |
Credit |
Legal Fees Earned |
5 |
14000 |
|
Cash |
8 |
7500 |
|
14000 |
7500 |
||
Debit balance |
6500 |
||
Office Equipment |
|||
Particulars |
Ref |
Debit |
Credit |
Accounts payable |
2 |
11400 |
|
Debit balance |
11400 |
||
Legal Database Subscription |
|||
Particulars |
Ref |
Debit |
Credit |
Cash |
4 |
9750 |
|
Debit balance |
9750 |
Accounts payable |
|||
Particulars |
Ref |
Debit |
Credit |
Office Equipments |
2 |
11400 |
|
Cash |
6 |
6000 |
|
Utilities Expense |
9 |
190 |
|
6000 |
11590 |
||
Credit balance |
5590 |
||
Common Stock |
|||
Particulars |
Ref |
Debit |
Credit |
Cash |
1 |
21500 |
|
Credit balance |
21500 |
||
Dividends |
|||
Particulars |
Ref |
Debit |
Credit |
Cash |
10 |
1500 |
|
Debit balance |
1500 |
||
Legal Fees Earned |
|||
Particulars |
Ref |
Debit |
Credit |
Accounts Receivable |
5 |
14000 |
|
Credit balance |
14000 |
||
Salaries Expense |
|||
Particulars |
Ref |
Debit |
Credit |
Cash |
7 |
2800 |
|
Debit balance |
2800 |
||
Rent Expense |
|||
Particulars |
Ref |
Debit |
Credit |
Cash |
3 |
1100 |
|
Debit balance |
1100 |
||
Utilities Expense |
|||
Particulars |
Ref |
Debit |
Credit |
Accounts payable |
9 |
190 |
|
Debit balance |
190 |
Trial Balance |
||
Accounts |
Debit |
Credit |
Cash |
7850 |
|
Accounts Receivable |
6500 |
|
Office Equipment |
11400 |
|
Legal Database Subscription |
9750 |
|
Accounts payable |
5590 |
|
Common Stock |
21500 |
|
Dividends |
1500 |
|
Legal Fees Earned |
14000 |
|
Salaries Expense |
2800 |
|
Rent Expense |
1100 |
|
Utilities Expense |
190 |
|
41090 |
41090 |
Accounting Equation:
Cash + Accounts Receivable + Database Subscription + Office Equipments = Accounts payable + Common Stock + Retained Earnings |
|||||||
1 |
21500 |
21500 |
|||||
2 |
11400 |
11400 |
|||||
3 |
-1100 |
-1100 |
|||||
4 |
-9750 |
9750 |
|||||
5 |
14000 |
14000 |
|||||
6 |
-6000 |
-6000 |
|||||
7 |
-2800 |
-2800 |
|||||
8 |
7500 |
-7500 |
|||||
9 |
190 |
-190 |
|||||
10 |
-1500 |
-1500 |
|||||
Total |
7850 |
6500 |
9750 |
11400 |
5590 |
21500 |
8410 |
LHS |
35500 |
RHS |
35500 |
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