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ACG 2021 Sec 654- Petty Homework: Homework CH2 Score: 0 of 20 pts P2-31A (similar to) 6 of 8 (4 complete) 2018 During the first month of operations, the business completed the following transaction Trey Madden opened a law office on January 1, Click the icon to view the transactions) Requirement 1. Record each transaction in the journal, using the following account tities Cash Accounts Receivable, Office Supplies, Prepai Jan. 1 Madden contributed $63000 cash to the business, Trey Madden. Attorney The business issued common stock to Madden Date Accounts Debit Credit
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operations, the business completed the following transactions More Info ccoun Madden contributed $63,000 cash to the business, Trey Madden, Attorney The business issued common stock to Madden. Jan. 1 3 Purchased office supplies, $1,200, and furniture, $1,800, on account 4 Performed legal services for a client and received $1,600 cash 7 Purchased a building with a market value of $80,000, and land with a market value of $27,000. The business paid $45,000 cash and signed a note payable to the bank for the remaining amount 11 Prepared legal documents for a client on account, $600 15 Paid assistants semimonthly salary, $1,230 16 Paid for the office supplies purchased on January 3 on account 18 Received $3,000 cash for helping a client sell real estate 19 Defended a client in court and billed the client for $800 25 Received a bil for utilities, $550. The bill will be paid next month 29 Received cash on account, $900 30 Paid $1,080 cash for a 12-month insurance policy starting on February 1 30 Paid assistants semimontnly salary $1230 31 Paid monthly rent expense $1 100 31 Paid cash div dends of $2 600
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Question is about Trey Madden Law Firm for preparation of Journal Entries, Ledger Posting and Trial BalancePlease hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to Date Account Debit Credit Jan 1 Jan 1 Cash 63,000 S 63,000 Common Stock (being common stock issued) Jan 3 Jan 3 Jan 3 Office Supplies Furniture $ 1,200 S 1,800 Accounts Payable being office supplies and furniture purchased on account) $ 3,000 S 1,600 Jan 4 Jan 4 Cash Sercvice Revenue 1,600 (being cash received against service) Jan 7 Jan 7 Jan 7 Jan 7 27,000 $80,000 Building S 45,000 S 62,000 Note Payable Being land and building purchased, paid portially) Jan 11 Jan 11 Accounts Receivable 600 Sercvice Revenue 600 (being service provided on account) Salaries Expense (paid assistant semimonthly solary) Accounts Payable (paid for office supplies purchased on Jan 3) an 15 Jan 15 S 1,230 $1,230 Jan 16 S 1,200 Jan 16 $1,200 Cash S 3,000 Jan 18 Jan 18 Sercvice Revenue $ 3,000 (being service provided on cash) Accounts Receivable Jan 19 Jan 19 800 Sercvice Revenue 800 (being service provided on account) Jan 25 Jan 25 Utilities Expense $550 Utilities Payable (Being utility bill recorded) Jan 29 Jan 29 Cash 900 Accounts Receivable 900 (Received cash on account Prepaid Insurance being cash paid for prepaid insurance Salaries Expense (paid assistant semimonthly salary) Rent Expense (being rent for th emonth paid) Dividends (being dividend paid in cash) Jan 30 Jan 30 1,080 $ 1,080 Jan 30 $ 1,230 Jan 30 $1,230 Jan 31 Jan 31 1,100 $ 1,100 $ 2,600 Jan 31 Jan 31 $ 2,600Trey Madden General Ledger Cash Common Stock Debit Credit Debit Credit Jan 1 Jan 4 Jan 18 Jan 29 63,000 Jan 15 S 1,600 Jan 16 S 3,000 Jan 30 $ 900 Jan 31 S 1,230 S 1,200 $ 2,310 $ 3,700 5 45,000 63,000 Ending Balance 63,000 Dividends Credit Ending Balance 15,060 Jan 31 2,600 Accounts Receivable Ending Balance$ 2,600 Debit Credit $ 600 Jan 29 Service Revenue an 11 an 19 900 800 Debit Credit S 1,600 600 $ 3,000 Ending Balance 500 Office Supplies Debit Credit Ending Balance 6,000 Jan 3 1,200 Salaries Expense Ending Balance 1,200 Debit Credit S 1,230 S 1,230 Ending Balance 2,460 Prepaid Insurance Debit Credit an 30 S 1,080 Rent Expense Ending Balance $ 1,080 Credit S 1,100 Land Debit Credit Ending Balance 1,100 Jan 7 27,000 Utility Expense Ending Balance 27,000 Debit Credit 550 Debit Credit Ending Balance $ 550 Jan 7 S 80,000 Ending Balance 80,000 Furniture Debit Credit Jan 3 S 1,800 Ending Balance 1,800 Accounts Payable Debit Credit $1,200 Jan 3 $3,000 Ending Balance 1,800 Utilities Payable Debit Credit S550 Ending Balane550 Note Payable Debit Credit 62,000 Ending Balance 62,000Trial Balance: Debit Credit Account Cash Accounts Receivable Office Supplies Prepaid Insurance Land Building Furniture Accounts Payable Utilities Payable Note Payable Common stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense $15,060 500 1,200 1,080 $27,000 80,000 1,800 1,800 550 62,000 63,000 2,600 6,000 2,460 1,100 550 Total $133,350$133,350

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